Summary
The Sherwin-Williams Company (SHW) filed an 8-K on April 26, 2007, reporting on two key events. Firstly, the company entered into a new Five Year Credit Agreement and an Agreement for Letter of Credit, establishing an aggregate availability of $250 million. This credit facility, with Citicorp USA, Inc. as administrative agent, provides Sherwin-Williams with access to funding and letter of credit services to support its operations and potential strategic initiatives. No borrowings or letters of credit have been issued under these agreements as of the filing date. Secondly, the company announced the expiration of its shareholder rights plan, commonly known as a "poison pill," on April 22, 2007. This plan, which was originally adopted in 1997, expired in accordance with its terms. The Board of Directors retains the discretion to implement a new shareholder rights plan in the future if deemed necessary for the protection of shareholder interests.
Key Highlights
- 1Sherwin-Williams entered into a new Five Year Credit Agreement and a Letter of Credit Agreement.
- 2The new credit facility provides for an aggregate availability of $250 million.
- 3Citicorp USA, Inc. serves as the administrative agent and issuing bank for the credit agreement.
- 4The agreements allow for borrowing and the issuance of letters of credit to support corporate needs.
- 5No funds have been borrowed or letters of credit issued under the new agreements as of the filing date.
- 6The company's shareholder rights plan ('poison pill') expired on April 22, 2007.
- 7The Board of Directors may consider a new shareholder rights plan in the future if circumstances warrant.