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JPMorgan Agents Watsco’s Credit Facility Expansion to $600MM

June 30, 2014, 07:15 AM
Filed Under: Manufacturing

Watsco, Inc. has refinanced its existing unsecured revolving credit agreement led by JPMorgan Chase Bank as Administrative Agent, Bank of America and Wells Fargo Bank as Co-Syndication Agents and U.S. Bank National Association as Documentation Agent.

The amended credit agreement provides borrowings of up to $600 million versus $500 million under the prior agreement. The maturity date was also extended by one year to July 1, 2019. All other major terms under the facility remain unchanged. Watsco uses proceeds under the facility for working capital, acquisitions, dividends and other general corporate purposes.

Albert Nahmad, Watsco’s Chairman & Chief Executive Officer said: “A committed source of low-cost debt capital is an important building block of our growth strategy. We appreciate the confidence in Watsco shown by our participating lenders in the syndication.”

Watsco improves indoor living and working environments with air conditioning and heating solutions that provide comfort regardless of the outdoor climate. Its solutions also promote healthier indoor spaces by removing pollutants from the indoor air that can lead to asthma, allergies and reductions in productivity.

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