Weyerhaeuser amends, restates $1.5 billion five-year revolver

By Sarah Lizee

Olympia, Wash., Jan. 29 – Weyerhaeuser Co. amended and restated its $1.5 billion senior unsecured revolving credit facility with Wells Fargo Bank, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo, JPMorgan Chase Bank, NA, MUFG Bank, Ltd., BofA Securities, Inc., SunTrust Robinson Humphrey, Inc., Cooperatieve Rabobank UA, New York Branch, PNC Capital Markets LLC, Bank of Nova Scotia and U.S. Bank NA are the joint lead arrangers and joint bookrunners.

JPMorgan and MUFG are the syndication agents. BofA, Truist Bank, Cooperatieve Rabobank, PNC, Scotiabank and U.S. Bank are the documentation agents.

Interest is Libor plus 79 basis points to 115 bps and the commitment fee is 8.5 bps to 22.5 bps, both depending on ratings.

The revolver will expire January 2025.

Loans may be used for general corporate purposes, including for working capital purposes, for debt repayment and to finance acquisitions, stock repurchases and capital expenditures.

Covenants require a minimum total adjusted shareholders’ equity of $3 billion and a funded debt ratio of 65% or less.

Weyerhaeuser is a timber company based in Federal Way, Wash.

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