debt
confidence high
sentiment neutral
materiality 0.45
Tractor Supply enters $1.2B senior credit facility, amends note purchase agreement
TRACTOR SUPPLY CO /DE/
- New $1.2B unsecured revolving credit facility replaces existing facilities; proceeds used to pay off prior debt.
- Facility matures in five years with two one-year extension options; initial SOFR margin of 1.000%.
- Covenants include fixed charge coverage ratio >= 2.00x and leverage ratio <= 4.00x.
- Also amended Note Purchase and Private Shelf Agreement to allow up to $150M in additional senior unsecured notes through November 2023.
- Wells Fargo serves as Administrative Agent; co-syndication agents are Regions Bank and Fifth Third Bank.