Graybar, St. Louis, closed on a $750 million financing deal to fund general working capital needs as well as investment in innovation and growth initiatives, the company said.
The company said it completed the amendment and extension of its unsecured revolving credit facility. The amendment, among other things, extended the company’s five-year revolving credit facility, increased the availability to $750 million and increased the accordion feature to $375 million. The new facility matures in August 2023.
“This financing agreement gives Graybar additional flexibility to invest in innovation and accelerate our growth,” said Graybar’s Senior Vice President and Chief Financial Officer Randy Harwood. “We remain committed to serving our customers and managing our business wisely as we pursue strategic opportunities that will transform our company for the future.”
Bank of America Merrill Lynch was the lead institution in the transaction, serving as the left lead arranger and sole bookrunner. Bank of America Merrill Lynch, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, PNC Capital Markets LLC, U.S. Bank National Association, BMO Capital Markets Corp., and Fifth Third Bank acted as joint lead arrangers. Regions Bank, Branch Banking and Trust Company, Commerce Bank, and Comerica Bank also participated in the transaction.