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Bank of America Agents $50MM Upsize for Generac Power Systems

June 14, 2018, 07:05 AM
Filed Under: Energy

Generac Power Systems entered into a Second Amended and Restated Credit Agreement among the Borrower, Generac Holdings UK Limited, as U.K. Borrower, certain domestic subsidiaries of the Borrower, Generac Acquisition Corp., the lenders party thereto, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as syndication agent, and Wells Fargo Bank, National Association, as Documentation Agent.

The ABL Credit Agreement provides for a three-year extension of the maturity date in respect of the senior secured ABL revolving credit facility provided thereunder, as well as an increase in the size of the ABL Facility from $250.0 million to $300.0 million. Up to $50.0 million of the ABL Facility can be used by the U.K. Borrower for borrowings in U.S. Dollars, Euros, and/or Pound Sterling. Subject to the terms of the ABL Credit Agreement, the extended maturity date of the ABL Facility is June 12, 2023. The ABL Credit Agreement further provides for an increase in the Letter of Credit sublimit under the ABL Facility from $25.0 million to $75.0 million, and a favorable pricing reduction in certain applicable interest rates, among other items. Borrowings under the ABL Facility previously bore interest at a per annum rate based upon LIBOR plus an applicable margin of between 1.25% and 1.75%, but will now bear interest at a per annum rate based upon LIBOR plus an applicable margin of between 1.125% and 1.375%, in each case subject to adjustments based upon average availability under the ABL Facility.

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