Leggett & Platt amends, extends $1.2 billion revolver with JPMorgan

By William Gullotti

Buffalo, N.Y., Dec. 20 – Leggett & Platt, Inc. amended and extended its $1.2 billion revolving credit agreement with JPMorgan Chase Bank, NA as administrative agent on Dec. 16, according to an 8-K filing with the Securities and Exchange Commission.

Maturity was pushed out to Dec. 16, 2027 from Sept. 30, 2026.

The amendments replaced Libor as the revolver’s interest basis. Borrowings will bear interest at SOFR, Euribor, CDOR or TIIE plus a margin ranging from 75 basis points to 137.5 bps.

The commitment fee remained unchanged, ranging from 6 bps to 20 bps on the unused portion of the facility. The margin and fee are still determined based on the company’s debt ratings and were set at 125 bps and 15 bps, respectively, at signing.

As of Dec. 20, there were no borrowings outstanding under the agreement.

JPMorgan, Wells Fargo Securities, LLC, U.S. Bank NA, MUFG Bank Ltd. and BofA Securities, Inc. are the joint lead arrangers and joint bookrunners.

Wells Fargo Bank, NA, U.S. Bank, MUFG and Bank of America, NA are co-syndication agents.

PNC Bank, NA and Truist Bank are the co-documentation agents.

Leggett & Platt is a Carthage, Mo.-based manufacturer of residential furnishings, commercial components and industrial materials.

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