Whirlpool entered into a third amended and restated long-term credit agreement with JPMorgan Chase Bank as administrative agent and Citibank as syndication agent.
JPMorgan Chase Bank, BNP Paribas Securities, Citigroup Global Markets and Mizuho Bank acted as joint lead arrangers and joint bookrunners for the facility. The facility provides aggregate borrowing capacity of $2.5 billion, which combines amounts previously available under the company’s original long-term facility and terminated 364-day facility.
In connection with the facility, the company terminated its existing amended and restated short-term credit agreement with JPMorgan Chase Bank as administrative agent and BNP Paribas and Citibank as syndication agents, which provided aggregate borrowing capacity of $500 million.
The amended long-term facility has a maturity date of May 17, 2021, aggregate borrowing capacity of $2.5 billion and amends and restates in its entirety the company’s existing second amended and restated long-term credit agreement, dated as of September 26, 2014 and replaces aggregate borrowing capacity available under the terminated 364-day facility.
The interest and fee rates payable with respect to the facility based on the company’s current debt rating are as follows: 1) the spread over LIBOR is 1.125%; 2) the spread over prime is 0.125% and 3) the unused commitment fee is 0.125%.
The amended long-term facility contains customary covenants and warranties including, among other things, a debt to capitalization ratio of less than or equal to 0.60 to 1.00 as of the last day of each fiscal quarter, and a rolling 12-month interest coverage ratio required to be greater than or equal to 3.0 to 1.0 for each fiscal quarter.