FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


JPMorgan Chase Agents $650MM Credit Facility for Service Corporation International

May 24, 2019, 08:55 AM
Filed Under: Industry News
Related: JPMorgan Chase

Service Corporation International entered into a new senior unsecured credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other financial institutions, as lenders, providing for a $650 million senior term loan facility, maturing in May 2024, and a revolving credit facility providing for borrowings of up to $1 billion, with commitments expiring and loans maturing in May 2024.

All of the indebtedness outstanding under the Credit Agreement is guaranteed by the Company’s current and future domestic subsidiaries (other than certain excluded subsidiaries).

The loans under the Credit Agreement will bear interest per annum, at the Company’s election, equal to:

An alternate base rate plus the applicable margin for such loans. The alternate base rate is the highest of (a) the Federal Funds Effective Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A as its “prime rate,” and (c) the adjusted LIBOR rate for a one-month interest period beginning on such day plus 1.00%; or the LIBOR rate for the selected interest period plus the applicable margin for such loans.

The applicable margin ranges from 1.75% to 1.00% for borrowings based on the LIBOR Rate and .75% to 0.00% for borrowings based on the alternate base rate depending on the Company’s leverage ratio.

Customary fees are payable in respect of the Credit Agreement, including letter of credit fees and commitment fees.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.