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BofA, JPMorgan Chase Join Lending Syndicate in Upsize for Lawson Products

October 14, 2019, 08:45 AM
Filed Under: Distribution

Lawson Products, Inc. (LAWS) a distributor of products and services to the MRO marketplace, has entered into a new credit agreement increasing its maximum borrowing capacity from $40 million to $100 million. The new agreement also includes an accordion feature, subject to certain criteria as well as obtaining additional commitments from its lenders that would provide meaningful additional borrowing capacity. The five-year agreement provides for increased capacity for future acquisitions, combines multiple existing credit facilities and lowers borrowing spreads and unused commitment fees.

"We are extremely pleased to expand our bank group to include JPMorgan Chase and Bank of America and continue our long-term relationship with CIBC Bank USA, which allows us to access additional capital," said Ron Knutson, executive vice president and chief financial officer. “Our ability to significantly increase our access to capital and partner with these world-class financial institutions further demonstrates the financial strength of the Company. With this added financial flexibility, we plan to continue the strategic growth of our business, both through acquisitions, as well as investments in our operations to further drive organic growth.”

Under the credit agreement, JPMorgan Chase Bank N.A. serves as Administrative Agent, Sole Bookrunner and Sole Lead Arranger. CIBC Bank USA and Bank of America, N.A. also serve as lenders under the credit agreement.

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