Wesco international, inc. announces amended and restated credit agreement
On september 26, 2019, wesco international, inc. (the company"), wesco distribution, inc. (wesco distribution") and certain other subsidiaries of the company entered into a usd 600 million revolving credit facility (the revolving credit facility"), as a replacement of its existing revolving credit facility, and the revolving credit facility contains a letter of credit sub-facility of up to usd 125 million, pursuant to the terms and conditions of a third amended and restated credit agreement, dated as of september 26, 2019 (the credit agreement") among wesco distribution, the other u.s. borrowers party thereto (collectively, the u.s. borrowers"), wesco distribution canada lp (wesco canada"), the other canadian borrowers party thereto (collectively, the canadian borrowers"), the company, the joint bookrunners and joint lead arrangers party thereto, the lenders party thereto, jpmorgan chase bank, n.a., as administrative agent, and jpmorgan chase bank, n.a., toronto branch, as canadian administrative agent. the revolving credit facility contains an accordion feature allowing wesco distribution to request increases to the borrowing commitments under the revolving credit facility of up to usd 200 million in the aggregate, subject to customary conditions. the revolving credit facility replaces wesco distribution's existing revolving credit facility entered into on september 24, 2015. the revolving credit facility matures in september 2024 and is collateralized by (i) substantially all assets of wesco distribution and its subsidiaries which are party to the credit agreement, other than, among other things, real property and accounts receivable sold or intended to be sold pursuant to wesco distribution's accounts receivable securitization facility (the receivables facility"), and (ii) substantially all assets of wesco canada and the other canadian borrowers, other than, among other things, real property, in each case, subject to customary exceptions and limitations. the obligations of wesco distribution and the other u.s. borrowers under the revolving credit facility have been guaranteed by the company and certain of wesco distribution's subsidiaries. the obligations of wesco canada and the other canadian borrowers under the revolving credit facility have been guaranteed by certain subsidiaries of wesco canada and the other canadian borrowers. the applicable interest rate for borrowings under the revolving credit facility includes interest rate spreads based on available borrowing capacity that range between 1.25% and 1.50% for libor-based borrowings and 0.25% and 0.50% for prime rate-based borrowings.
