Arrow Electronics amended its revolving credit facility, extending its maturity to December 2021 and its capacity to $1.8 billion. JPMorgan Chase Bank served as administrative agent for the facility, which consists of revolving credit facilities and letters of credit.
The credit facility previously matured in December 2018 and totaled $1.5 billion.
“Our ability to increase the size of our credit facility to $1.8 billion and extend the maturity reflects the strength and continued growth of our company,” said Chris Stansbury, Arrow senior vice president and chief financial officer. “When combined with our strong cash flows and balance sheet, the credit facility enhances our financial flexibility to continue to drive strategic growth.”
Interest and fees under the agreement will generally be payable at least on a quarterly basis and the applicable margins and fees are determined based on the actual or implied senior unsecured debt ratings of the company in effect from time to time by Moody’s Investors Service or Standard & Poor’s Ratings Group.
Arrow Electronics is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.