BEST BUY CO INC (BBY): debt financing — Best Buy enters $1.25B five-year credit facility, replaces prior April 2028 facility

BEST BUY CO INC

New $1.25 billion unsecured revolving credit facility matures April 2030; replaces previous facility of same size that was terminated.
No amounts outstanding under new facility; interest rates based on SOFR plus margin (0.565%-1.015%) or ABR, with facility fee (0.060%-0.110%).
Covenant requires maintaining maximum quarterly cash flow leverage ratio; contains usual affirmative/negative covenants and default provisions.
Facility is guaranteed by certain subsidiaries; previous facility with JPMorgan as admin agent replaced; U.S. Bank is new admin agent.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

BEST BUY CO INC incurred revolving credit of $1.25 billion with U.S. Bank National Association, as administrative agent, Bank of America, N.A., as syndication agent, and a syndicate of banks at variable based on prime rate, federal funds effective rate, overnight bank fundi maturing April 2030.

Instrument: revolving credit
Principal: $1.25 billion
Counterparty: U.S. Bank National Association, as administrative agent, Bank of America, N.A., as syndication agent, and a syndicate of banks
Rate: variable based on prime rate, federal funds effective rate, overnight bank fundi
Maturity: April 2030
Event: incurrence

Exact text from the filing

On April 18, 2025, 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 U.S. Bank National Association ("U.S. Bank"), as administrative agent, Bank of America, N.A., as syndication agent, and a syndicate of banks (collectively, the "Lenders").

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Source: SEC EDGAR

accession 0000764478-25-000011

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