Eaton Vance enters $300 million five-year replacement revolver

By Marisa Wong

Madison, Wis., Oct. 23 – Eaton Vance Corp. executed a credit agreement on Oct. 21 for a $300 million revolving credit facility with Wells Fargo Bank, NA as administrative agent, Citibank, NA as syndication agent and wholly owned subsidiary Eaton Vance Management as guarantor, according to an 8-K filing with the Securities and Exchange Commission.

The agreement, which expires on Oct. 21, 2019, includes a $35 million sublimit for swingline loans.

The facility may be increased up to $400 million based on commitments from new lenders or increases in commitments by existing lenders.

The interest rate ranges from Libor plus 79.5 basis points to Libor plus 130 bps, depending on the company’s credit ratings.

The facility fee ranges from 8 bps to 20 bps, also based on ratings.

Proceeds may be used for working capital and other general corporate purposes.

The agreement contains financial covenants with respect to leverage and interest coverage and requires the company to pay an annual commitment fee.

As of Tuesday, the facility replaced the company’s revolving credit facility dated June 4, 2012 with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC that provided up to $300 million of borrowings under similar terms and conditions.

There were no outstanding borrowings under the 2012 facility upon termination.

Eaton Vance is an investment management company based in Boston.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.