Summary
The Sherwin-Williams Company (SHW) filed an 8-K on February 13, 2012, to report an amendment to its Five Year Credit Agreement. This amendment, designated as Amendment No. 2, was entered into on February 13, 2012, and significantly increases the company's financial flexibility. Specifically, Amendment No. 2 increases the aggregate availability for borrowings and the issuance, renewal, or extension of letters of credit by $100 million, bringing the total available amount to $300 million. This enhancement to the credit facility provides Sherwin-Williams with greater resources to manage its working capital needs and pursue strategic opportunities. Notably, as of the filing date, the company had not utilized this credit facility, indicating a proactive approach to securing financing.
Key Highlights
- 1Sherwin-Williams amended its Five Year Credit Agreement on February 13, 2012.
- 2The amendment, Amendment No. 2, increases the total credit availability by $100 million.
- 3The aggregate amount available under the credit agreement is now $300 million.
- 4This increased availability can be used for borrowings and letter of credit issuance, renewal, or extension.
- 5No borrowings or letters of credit were outstanding under the credit agreement as of the filing date.
- 6The amendment was made with Citicorp USA, Inc. as the administrative agent and issuing bank.
- 7This action enhances the company's financial flexibility and access to capital.