Stanley Black & Decker enters $1.5B 364-day credit facility, replaces prior agreements

STANLEY BLACK & DECKER, INC.

New $1.5B syndicated 364-day revolving credit agreement dated Sept 6, 2023; no borrowings drawn at closing.
Facility matures Sept 4, 2024, with option to convert outstanding advances into a term loan due one year later.
Interest margins tied to credit ratings: EURIBOR margin ranges 0.750%–1.250%; Term SOFR margin ranges 0.850%–1.350%.
Two prior 364-day credit agreements (Sept 2022) terminated upon entry into new facility.
Covenants include maintenance of interest coverage ratio and restrictions on liens, mergers, and sale-leasebacks.

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

STANLEY BLACK & DECKER, INC. entered into Syndicated 364-Day Credit Agreement with each of the initial lenders named therein, Citibank, N.A., as administrative agent valued at $1.5 billion (effective 2023-09-06).

Action: entry
Agreement: credit facility
Counterparty: each of the initial lenders named therein, Citibank, N.A., as administrative agent
Value: $1.5 billion
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, Stanley Black & Decker, Inc., a Connecticut corporation (the “ Company ”), entered into a syndicated 364-Day Credit Agreement (the “ Syndicated 364-Day Credit Agreement ”) with each of the initial lenders named therein, Citibank, N.A., as administrative agent

View on SEC.gov

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

STANLEY BLACK & DECKER, INC. terminated 364-Day Credit Agreement, dated September 7, 2022, as amended with each of the initial lenders named therein, Citibank, N.A., as administrative agent (effective 2023-09-06).

Action: termination
Agreement: credit facility
Counterparty: each of the initial lenders named therein, Citibank, N.A., as administrative agent
Effective: 2023-09-06

Exact text from the filing

the Company terminated that certain 364-Day Credit Agreement, dated September 7, 2022, as amended, with each of the initial lenders named therein, Citibank, N.A., as administrative agent

View on SEC.gov

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

STANLEY BLACK & DECKER, INC. terminated Club 364-Day Credit Agreement, dated September 7, 2022, as amended with each of the four initial lenders named therein, Citibank, N.A., as administrative agent (effective 2023-09-06).

Action: termination
Agreement: credit facility
Counterparty: each of the four initial lenders named therein, Citibank, N.A., as administrative agent
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, the Company terminated that certain Club 364-Day Credit Agreement, dated September 7, 2022, as amended, with each of the four initial lenders named therein, Citibank, N.A., as administrative agent

View on SEC.gov

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STANLEY BLACK & DECKER, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-231513

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