Watsco has signed a $750 million unsecured senior revolving credit facility led by Bank of America N.A. as joint lead arranger, sole bookrunner and administrative agent, and JPMorgan Chase Bank N.A., PNC Bank N.A., Wells Fargo Bank N.A. and U.S. Bank N.A. as joint lead arrangers and co-syndication agents, along with five other banks. The new facility amends and extends Watsco’s existing unsecured revolving credit facility.

Borrowings under the five-year $750 million unsecured credit facility were used to repay outstanding borrowings of $69.7 million under the prior credit facility. Any additional borrowings will be used for working capital, acquisitions, dividends and other general purposes and bear interest at different rates depending on the types of advances or loans the company selects. Terms of the agreement include increased borrowing capacity, covenant flexibility and greater sensitivity to the seasonal nature of our working capital requirements. 

Barry S. Logan, Watsco’s executive vice president said: “A committed source of low-cost debt is an important building block of our growth strategy. We appreciate the strong support and commitment from our relationship banks.”