MSC Industrial Direct enters $300M receivables purchase facility

MSC INDUSTRIAL DIRECT CO INC

Receivables Purchase Agreement for up to $300M committed senior secured revolving trade receivables facility, dated Dec 19, 2022.
Pricing based on 1-month Term SOFR plus a margin; facility includes financial covenants: max leverage 3.00x, interest coverage >3.00x.
Seller is MSC A/R Holding Co.; originator is Sid Tool Co.; Wells Fargo is admin agent; Bank of America and Regions Bank are purchasers and also lenders under existing revolving credit facility.
Facility used to sell trade receivables; proceeds support working capital and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSC INDUSTRIAL DIRECT CO INC entered into Receivables Facility with Wells Fargo Bank, National Association, as administrative agent, and Sid Tool Co., Inc., as originator valued at $300.0 million (effective 2022-12-19).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and Sid Tool Co., Inc., as originator
Value: $300.0 million
Effective: 2022-12-19

Exact text from the filing

Additionally, MSC A/R also entered into a Receivables Sale Agreement, dated as of December 19, 2022 (the “RSA” and, together with the RPA, collectively the “Receivables Facility”), by and between MSC A/R, as buyer and Sid Tool Co., Inc., a wholly owned subsidiary of the Company (“Sid Tool”), as originator. The Receivables Facility is a committed senior secured revolving trade receivables facility in an initial aggregate amount of $300.0 million.

View on SEC.gov

Browse all material agreements →

MSC INDUSTRIAL DIRECT CO INC filing history →

Source: SEC EDGAR

accession 0001003078-22-000179

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.