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Dollar General signs restated credit agreement totaling $1.43 billion
By Wendy Van Sickle
Columbus, Ohio, Oct. 20 – Dollar General Corp. amended and restated its credit agreement with Citibank, NA as administrative agent on Tuesday to provide for $1,425,000,000 of total commitments, according to an 8-K filed with the Securities and Exchange Commission.
The agreement includes a $425 million unsecured term loan and a $1 billion unsecured revolving credit facility, both with terms of five years. Up to $175 million of the revolver is available for letters of credit.
Initially, borrowings bear interest at Libor plus 110 basis points. The margin over Libor can range from 87.5 bps to 157.5 bps, depending on Dollar General’s debt rating.
The initial commitment fee is 15 bps, with a possible range of 12.5 bps to 30 bps, depending on the debt rating.
Bank of America Merrill Lynch, Goldman Sachs Lending Partners LLC, Citigroup Global Markets Inc., U.S. Bank, NA and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners; Bank of America Merrill Lynch and Goldman Sachs Lending Partners co-syndication agents; and Compass Bank, Fifth Third Bank, JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., PNC Bank, NA, Regions Bank, U.S. Bank and Wells Fargo Bank, NA as co-documentation agents.
The company may request additional term loan or revolving commitments up to $150 million.
The company repaid all outstanding borrowings under and terminated its credit agreement dated April 11, 2013 with proceeds from its new credit agreement and proceeds from its issuance of $500 million of 4.15% notes due 2025. Additional proceeds may be used for general corporate purposes.
Based in Goodlettsville, Tenn., Dollar General is a discount retailer.
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