|
The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Bank of America Agents Tech Data Revolver Amendment, Restatement
Tuesday, November 8, 2016
|
Lenders/Participants
|
Bank of America [Administrative Agent, Swing Line Lender, L/C Issuer]
|
|
Structure
|
Revolver Amendment, Restatement
|
|
Amount
|
$1.000
Billion
|
|
Borrower(s)
|
Tech Data Corporation
|
|
Description
|
Tech Data Corporation (the “Company”) entered into an interest purchase agreement (the “Acquisition Agreement”) with Avnet, Inc. (“Avnet”) to acquire (the “Acquisition”) all the shares of AVT Technology Solutions LLC and another company formed by Avnet, which will hold all assets and liabilities primarily relating to Avnet’s technology solutions business (the “Acquired Business”). In connection with the Acquisition, on November 2, 2016, the Company entered into a Second Amended and Restated Revolving Credit Agreement (the “Revolving Credit Agreement”. On November 2, 2016 pursuant to the terms of the Existing Revolving Credit Agreement, the Company repaid in full the outstanding amounts under the Existing Revolving Credit Agreement without any early termination penalty or prepayment premium. The Revolving Credit Agreement, among other things, i) provides a $1.0 billion revolving credit facility with a maturity date of November 2, 2021, ii) provides for an interest rate on borrowings, facility fees and letter of credit fees based on the Company’s non-credit enhanced senior unsecured debt rating as determined by Standard & Poor’s Rating Service and Moody’s Investor Service, and iii) may be increased up to $1.25 billion, subject to certain conditions. The Revolving Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum total leverage ratio and minimum interest coverage. The interest rate on the Revolving Credit Agreement is based on LIBOR (or similar interbank offered rates depending on currency draw) plus a predetermined margin that is based on the Company’s debt rating. The obligations of the Company under the Revolving Credit Agreement are guaranteed by the Company’s significant domestic subsidiaries, subject to certain exceptions.
|
|
Industry
|
Technology
|
| Related Tags |
Bank of Amercia
|
ABL Advisor
Deal Tables
2025
|
|
|
|