SiteOne Landscape Supply Has Entered into Term Loan Facility Amendments
ROSWELL, Ga.--(BUSINESS WIRE)--
SiteOne Landscape Supply, Inc. (NYSE:SITE) (the “Company”), the largest
and only national wholesale distributor of landscape supplies in the
United States, today announced that certain of its subsidiaries have
entered into certain amendments (the “Term Loan Facility Amendments”) to
the Amended and Restated Credit Agreement, dated as of April 29, 2016
(the “Term Loan Facility”). The Term Loan Facility Amendments added an
additional credit facility under the Term Loan Facility consisting of
additional Tranche B Term Loans in an aggregate principal amount of
approximately $274 million and increased the aggregate principal amount
of Tranche B Term Loans to $299 million. Proceeds of the Tranche B Term
Loans were used to repay in full the term loans outstanding under the
Term Loan Facility and repay $21 million of borrowings outstanding under
the asset-based loan facility.
Immediately prior to effectiveness of the Term Loan Facility Amendments,
the Term Loan Facility bore interest at either an adjusted LIBOR rate
plus an applicable margin equal to 5.25% or an alternative base rate
plus an applicable margin equal to 4.25%. The Tranche B Term Loans bear
interest at either an adjusted LIBOR rate plus applicable margin equal
to 4.50% or an alternative base rate plus an applicable margin equal to
3.50%. The Tranche B Term Loans will mature on April 29, 2022.
The Term Loan Facility Amendments will result in an annual interest
expense reduction of approximately $1.2 million, excluding the one-time
write off of unamortized debt issuance costs and discounts in connection
with the transaction.
About SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply (NYSE:SITE), is the largest and only national
wholesale distributor of landscape supplies in the United States and has
a growing presence in Canada. Its customers are primarily residential
and commercial landscape professionals who specialize in the design,
installation and maintenance of lawns, gardens, golf courses and other
outdoor spaces. https://www.siteone.com/
View source version on businesswire.com: http://www.businesswire.com/news/home/20161128005307/en/
Investor Relations:
SiteOne Landscape Supply, Inc.
Pascal
Convers, 470-270-7011
Executive Vice President, Strategy and
Development
[email protected]
Source: SiteOne Landscape Supply, Inc.
