Tractor Supply closes $250 million revolver at Libor plus 50 bps

By Aleesia Forni

Columbus, Ohio, Oct. 28 - Tractor Supply Co. entered into a $250 million five-year unsecured revolving credit facility on Oct. 24, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the revolver is initially Libor plus 50 basis points and ranges from Libor plus 40 bps to 100 bps, based on the company's leverage ratio.

Initially, unused fees will be 10 bps and range from 7.5 bps to 20 bps, also based on the company's leverage ratio.

The facility contains a $250 million sublimit for the issuance of letters of credit and a $20 million sublimit for swingline loans.

The company has the option to increase the facility by $150 million.

The facility requires the company to maintain a fixed charge coverage ratio of no less than 2 to 1 and a leverage ratio of no more than 4 to 1.

Bank of America Merrill Lynch served as lead arranger and book manager.

Bank of America NA is the administrative agent, while U.S. Bank NA and Wells Fargo Bank NA are the co-syndication agents.

Fifth Third Bank and Regions Bank are co-documentation agents.

Tractor Supply is a Brentwood, Tenn.-based retail farm and ranch store chain.

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