debt
confidence high
sentiment neutral
materiality 0.55
H.B. Fuller enters $2B credit facilities; refinances existing term loan
FULLER H B CO
- New $500M TLA facility (matures Feb 2028) and $800M TLB facility (matures Feb 2030).
- Revolving facility increased to $700M, maturing Feb 2028.
- Proceeds used to repay existing term loan under 2017 credit agreement.
- Interest spreads: 75 bps base rate / 175 bps SOFR initially; adjusted by secured leverage ratio.
- Financial covenants: minimum interest coverage 2.00x; max secured leverage 4.75x (4.50x after June 2024).