Summary
Sherwin-Williams Company (SHW) filed an 8-K on April 25, 2012, to report an amendment to its Five Year Credit Agreement. The amendment, designated as Amendment No. 1, was entered into on April 25, 2012, with Citicorp USA, Inc. as the administrative agent and issuing bank, along with other Lenders. The primary purpose of this amendment is to increase the company's borrowing capacity and letter of credit availability by $100 million, bringing the total aggregate availability to $150 million. This enhancement to their credit facility provides Sherwin-Williams with greater financial flexibility. Importantly, as of the filing date, no borrowings had been made, and no letters of credit had been issued under the agreement, indicating the increased facility was for future needs and contingency planning.
Key Highlights
- 1Sherwin-Williams amended its Five Year Credit Agreement on April 25, 2012.
- 2The amendment increases available borrowing and letter of credit capacity by $100 million.
- 3Total aggregate availability under the credit agreement is now $150 million.
- 4The amendment was made with Citicorp USA, Inc. as administrative agent and issuing bank.
- 5As of the filing date, there were no outstanding borrowings or issued letters of credit under the agreement.
- 6The filing was made under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation).