DXP ENTERPRISES INC (DXPE): debt financing — DXP Enterprises closes $105M incremental Term Loan B, total outstanding $417.2M

DXP ENTERPRISES INC

Incremental $105M Senior Secured Term Loan B added to existing $330M TLB, total $417.2M outstanding.
TLB matures December 2027, priced at Term SOFR plus 5.25% with secured leverage covenant 5.75:1 to 4.75:1.
Proceeds to repay ABL borrowings, with remainder for general corporate purposes, potential acquisitions.
Net debt to EBITDA was 2.86:1 at Q3 2022 close; $70M cash on balance sheet at closing.
Management cites strong lender demand and positions DXP for organic and acquisition growth.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DXP ENTERPRISES INC incurred term loan of $105 million with Goldman Sachs Bank USA at Term SOFR plus an applicable margin of 5.25 percent maturing December 23, 2027.

Instrument: term loan
Principal: $105 million
Counterparty: Goldman Sachs Bank USA
Rate: Term SOFR plus an applicable margin of 5.25 percent
Maturity: December 23, 2027
Event: incurrence

Exact text from the filing

The Term Loan Amendment provides for, among other things, $105 million in new Incremental Term Loan Commitments (as such term is defined in the Term Loan Agreement) under the Term Loan Agreement, such that after giving effect to the Term Loan Amendment, including the new borrowings, DXP has $417.2 million in outstanding borrowings under the Term Loan Agreement. The existing and new borrowings under the Term Loan Agreement mature on December 23, 2027 and are priced at Term SOFR plus an applicable margin of 5.25 percent.

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Source: SEC EDGAR

accession 0001020710-22-000097

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