POOL CORPORATION (NASDAQ:POOL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
The information set forth under Item 2.03 of this report on Form 8-K is incorporated in this Item 1.01 by reference.
On September 29, 2017, Pool Corporation (the “Company”) entered into the Amended and Restated Credit Agreement (the “Agreement”) by and among Pool Corporation, as US Borrower, SCP Distributors Canada Inc., as Canadian Borrower, SCP Pool B.V., as Dutch Borrower, Wells Fargo Bank, National Association, as Joint Lead Arranger, Administrative Agent, Swingline Lender and an Issuing Lender, and the following other lenders party thereto, Bank of America, N.A., MUFG Union Bank, N.A., Capital One, N.A., Regions Bank, and BB&T Capital Markets, each as Joint Lead Arranger and Syndication Agent, and Fifth Third Bank, JP Morgan Chase Bank, N.A., Industrial and Commercial Bank of China Ltd., New York Branch, and the Bank of East Asia Ltd., New York Branch. The Agreement amends and restates the Company's existing senior credit facility including amendments to the following: (1) extending the maturity date to September 29, 2022; (2) increasing the borrowing capacity to $750.0 million from $465.0 million; (3) increasing the Canadian and Euro Loan sublimits, each to $30.0 million from $20.0 million; (4) increasing the swingline sublimit to $40.0 million from $25.0 million; (5) decreasing the pricing of all loans; and (6) providing additional capacity under certain negative covenants related to indebtedness, liens, investments and dispositions of assets.
The Agreement also contains financial covenants requiring the Company to maintain certain financial ratios. These financial covenants remain unchanged from our previous credit agreement.
All obligations under the Agreement are guaranteed by certain of our subsidiaries as guarantors. The Agreement also contains customary affirmative and negative covenants and events of default.
In the ordinary course of business, the Company and its affiliates have engaged, and may in the future engage, certain parties to the Credit Agreement or the affiliates of such parties to provide commercial banking, investment banking, and other services for which the Company or its affiliates pay customary fees and commissions.
The description of the amendment set forth above is qualified by reference to the Agreement, which is filed as Exhibit 10.1 to this Form 8-K.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 above is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On October 2, 2017, Pool Corporation issued the press release included herein as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits.
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(d) |
Exhibits |
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Amended and Restated Credit Agreement |
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Press Release issued by Pool Corporation on October 2, 2017, announcing credit agreement. |
POOL CORP ExhibitEX-10.1 2 amendedandrestatedcreditag.htm POOL AMENDED AND RESTATED CREDIT AGREEMENT 09.29.2017 Exhibit Exhibit 10.1Execution VersionPublished CUSIP Number: 73278DAC7Revolving Credit CUSIP Number: 73278DAD5$750,…To view the full exhibit click here
About POOL CORPORATION (NASDAQ:POOL)
Pool Corporation is a distributor of swimming pool supplies, equipment and related leisure products. The Company is also a distributor of irrigation and landscape products in the United States. The Company operates over 340 sales centers in North America, Europe, South America and Australia through its over four distribution networks, such as SCP Distributors (SCP), Superior Pool Products (Superior), Horizon Distributors (Horizon) and National Pool Tile (NPT). The Company’s product offerings include building materials used for pool construction, installations and remodeling, such as concrete and pool surfacing and decking materials. The Company’s products also include maintenance products, repair and replacement parts for pool equipment, packaged pool kits, pool equipment and components for pool construction, and irrigation and landscape products, among others. The Company offers its customers over 160,000 national brand and Pool Corporation branded products.
