Clorox enters into $1.1 billion five-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Feb. 10 – Clorox Co. entered into a $1.1 billion five-year revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 69 basis points to 130 bps. The facility fee is 7 bps to 20 bps. Both depend on the company’s ratings. The company may also solicit bids from the lenders for a competitive bid borrowing.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC acted as the joint lead arrangers and joint bookrunners. Citibank, NA, JPMorgan Chase Bank, NA and Wells Fargo Bank, NA are the administrative agents. Citibank is also acting as the servicing agent. MUFG is the documentation agent.

The revolver is available for general corporate purposes.

The company terminated its credit agreement due Oct. 1, 2019 with JPMorgan, Citibank and Wells Fargo as administrative agents.

Clorox is a manufacturer and marketer of consumer and professional products based in Oakland, Calif.

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