W.W. GRAINGER, INC. (GWW): debt financing — Grainger enters $1.25B revolver, replacing prior facility; maturity extended to 2028

W.W. GRAINGER, INC.

New $1.25B unsecured revolving credit facility, expandable to $1.875B, matures Oct 11, 2028 with two one-year extension options.
Replaces prior $1.25B facility (Feb 2020) that was terminated on Oct 11, 2023, which had maturity of Feb 2025.
Interest rate based on debt rating: e.g., at AA-/Aa3, term loans at SOFR+0.58% and facility fee of 0.045%.
Borrowings available in USD, EUR, GBP, CAD, and other approved currencies; customary covenants and events of default apply.

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

W.W. GRAINGER, INC. incurred revolving credit of $1,250,000,000 with JPMorgan Chase Bank, N.A. at Relevant Rate plus a margin determined with reference to the rating on the Compa maturing October 11, 2028.

Instrument: revolving credit
Principal: $1,250,000,000
Counterparty: JPMorgan Chase Bank, N.A.
Rate: Relevant Rate plus a margin determined with reference to the rating on the Compa
Maturity: October 11, 2028
Event: incurrence

Exact text from the filing

its subsidiaries (collectively, the “ Borrowers ”) may obtain loans in various currencies on a revolving basis in an aggregate amount not exceeding the U.S. Dollar equivalent of $1,250,000,000, which amount may be increased from time to time up to $1,875,000,000 at the request of the Company, subject to obtaining additional commitments and other customary conditions.

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

W.W. GRAINGER, INC. entered into Credit Facility with the financial institutions and other lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent valued at $1,250,000,000 (effective 2023-10-11).

Action: entry
Agreement: credit facility
Counterparty: the financial institutions and other lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent
Value: $1,250,000,000
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, W.W. Grainger, Inc. (the “ Company ”), as borrower, entered into a five-year syndicated revolving credit facility agreement (the “ Credit Facility ”) with the financial institutions and other lenders named therein, and JPMorgan Chase Bank, N.A. (“ JPMorgan ”), as administrative agent.

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

W.W. GRAINGER, INC. terminated 2020 Credit Facility with the lenders party thereto, and JPMorgan, as administrative agent (effective 2023-10-11).

Action: termination
Agreement: credit facility
Counterparty: the lenders party thereto, and JPMorgan, as administrative agent
Effective: 2023-10-11

Exact text from the filing

acility, dated as of February 14, 2020 (the “ 2020 Credit Facility ”), among the Company, the lenders party thereto, and JPMorgan, as administrative agent, which was scheduled to mature on February 14, 2025.

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W.W. GRAINGER, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-108856

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