DXP ENTERPRISES INC (DXPE): debt financing — DXP refinances $550M term loan, raises incremental $125M at SOFR+4.75%, maturity 2030

DXP ENTERPRISES INC

Refinanced existing $425M TLB plus raised incremental $125M for total $550M; holds $107M cash on balance sheet.
New TLB priced at SOFR+4.75% (margin reduced 50 bps), matures October 2030; secured leverage covenant 5.75:1 to 4.75:1.
Pro forma net debt to EBITDA 2.65:1; covenant EBITDA grew from $64.9M (2020) to >$161.9M (Q2 2023).
Proceeds to repay existing TLB, fund acquisitions, general corporate purposes and transaction fees.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DXP ENTERPRISES INC incurred term loan of $550.0 million with Goldman Sachs Bank USA at Term SOFR (with a floor of 1.00%) plus 4.75% maturing October 13, 2030.

Instrument: term loan
Principal: $550.0 million
Counterparty: Goldman Sachs Bank USA
Rate: Term SOFR (with a floor of 1.00%) plus 4.75%
Maturity: October 13, 2030
Event: incurrence

Exact text from the filing

The Term Loan Amendment provides for a $550.0 million term loan (the "Term Loan Facility")

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DXP ENTERPRISES INC filing history →

Source: SEC EDGAR

accession 0001020710-23-000095

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