Graybar Electric increases revolver to $750 million, extends to 2023

By Wendy Van Sickle

Columbus, Ohio, Aug. 13 – Graybar Electric Co., Inc. amended its revolving credit facility, increasing the availability to $750 million and extending it to August 2023, according to a press release.

Additionally, the accordion feature was increased to $375 million.

There is an up to $25 million combined letter-of-credit subfacility, an up to $25 million U.S. swingline loan facility and an up to $20 million Canadian swingline loan facility. Graybar Canada can borrow up to $100 million in U.S. or Canadian dollars under the revolver, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 100 basis points to 160 bps, and the commitment fee ranges from 25 bps to 40 bps. Both are based on the consolidated leverage ratio.

Bank of America Merrill Lynch was the left lead arranger and the bookrunner.

JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, PNC Capital Markets LLC, U.S. Bank NA, BMO Capital Markets Corp. and Fifth Third Bank acted as joint lead arrangers.

Proceeds will be used to support the company’s general working capital needs as well as its growth initiatives.

"This financing agreement gives Graybar additional flexibility to invest in innovation and accelerate our growth," Graybar's senior vice president and chief financial officer Randy Harwood said in the release.

St. Louis-based Graybar distributes electrical, communications and data networking products and provides related supply chain management and logistics services.

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