Graybar expands revolving credit 'to pursue growth opportunities'
Distributor says its expanded revolver provides more financial flexibility for it to pursue growth opportunities.
Graybar announced that it has completed an amendment and extension of its unsecured revolving credit facility.
The amendment, among other things, extended the company’s five-year revolving credit facility, increased the availability to $550 million and increased the accordion feature to $300 million. According to a press release, the new facility matures in June 2019 and will support Graybar’s general working capital needs as well as its growth initiatives.
"This expanded revolver provides Graybar with more financial flexibility to pursue growth opportunities," said Graybar’s senior vice president and chief financial officer, Randy Harwood. “This supports our long-term strategy of growing our business while maintaining a healthy financial position that works to the advantage of our customers, employees and shareholders.”
Related: Graybar marks $1.3B sales record
Bank of America was the lead institution in the transaction, and Merrill Lynch served as sole bookrunner. Merrill Lynch, J.P. Morgan, SunTrust Robinson Humphrey, U.S. Bank and PNC Capital Markets acted as joint lead arrangers. Commerce Bank, Regions Bank, Wells Fargo, Fifth Third Bank, Comerica and Bank of Montreal also participated in the transaction.
Through its network of more than 250 branch facilities, Graybar is one of North America's top distributors of electrical, communications and data networking products and related supply chain management and logistics services.
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