Summary
This 8-K filing from The Sherwin-Williams Company, dated August 28, 2007, primarily announces the establishment of a new five-year credit facility. The company has entered into a Credit Agreement with Citicorp USA, Inc. as the administrative agent, allowing for aggregate availability of up to $50 million through a Security Letter of Credit. This facility is designed to support the issuance of letters of credit under a separate Agreement for Letter of Credit with Citibank, N.A.
Key Highlights
- 1Sherwin-Williams entered into a Five Year Credit Agreement on August 28, 2007.
- 2The agreement provides for an aggregate availability of up to $50 million.
- 3The facility is structured around a Security Letter of Credit issued under the Credit Agreement.
- 4A separate Agreement for Letter of Credit was established with Citibank, N.A. to utilize the Security Letter of Credit.
- 5No borrowings have been made, and no letters of credit have been issued as of the filing date.
- 6The Credit Agreement appoints Citicorp USA, Inc. as the administrative agent and issuing bank.
- 7The Bank of New York is designated as the paying agent.
Frequently Asked Questions
The Credit Agreement establishes a five-year credit facility for Sherwin-Williams, allowing the company to secure up to $50 million in letters of credit. This facility is intended to support the company's financial flexibility and operational needs by providing a mechanism for issuing letters of credit when required.
The key financial institutions are Citicorp USA, Inc., acting as the administrative agent and issuing bank for the Credit Agreement, and Citibank, N.A., with whom the Agreement for Letter of Credit was established. The Bank of New York serves as the paying agent.
As of the filing date (August 28, 2007), no borrowings had been made under the Credit Agreement, and no Security Letter of Credit or other letters of credit had been issued under either agreement. This indicates the facility was established for potential future use.