Best Buy enters into $1.25B five-year revolving credit facility replacing existing facility

BEST BUY CO INC

New $1.25B committed unsecured revolving facility matures April 2028; replaces the $1.25B facility set to expire May 2026.
Previous credit facility terminated on April 12, 2023; no amounts outstanding under the new facility.
Pricing based on Term SOFR plus margin ranging from 0.680% to 1.100% depending on credit ratings.
Facility fee ranges from 0.070% to 0.150% per annum based on debt ratings; covenants include maximum cash flow leverage ratio.
JPMorgan serves as administrative agent; same syndicate of banks with substantially similar terms.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

BEST BUY CO INC terminated $1.25 billion senior unsecured revolving credit facility dated as of May 18, 2021 with JPMorgan Chase Bank, N.A. valued at $1,250,000,000 (effective 2023-04-12).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $1,250,000,000
Effective: 2023-04-12

Exact text from the filing

(“Best Buy” or the “registrant”) entered into a new $1.25 billion five-year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with JPMorgan Chase Bank, N.A. (“ JPMorgan”), as administrative agent, and a syndicate of banks (collectively, the “ Lenders” ).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

BEST BUY CO INC entered into $1.25 billion five-year senior unsecured revolving credit facility agreement with JPMorgan Chase Bank, N.A. valued at $1,250,000,000 (effective 2023-04-12).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $1,250,000,000
Effective: 2023-04-12

Exact text from the filing

On April 12, 2023, Best Buy Co., Inc. (“Best Buy” or the “registrant”) entered into a new $1.25 billion five-year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with JPMorgan Chase Bank, N.A. (“ JPMorgan”), as administrative agent, and a syndicate of banks (collectively, the “ Lenders” ).

View on SEC.gov

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Source: SEC EDGAR

accession 0000764478-23-000012

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