MIAMI, Fla., Dec. 07, 2018 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE:WSO) today announced that it has refinanced its unsecured revolving credit agreement led by Bank of America as Administrative Agent, JPMorgan Chase Bank as Syndication Agent and BB&T Company, U.S. Bank and Wells Fargo Bank as Documentation Agents.
Borrowings under the five-year $500 million credit facility 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 lower interest spreads, improved covenant flexibility and greater sensitivity to the seasonal nature of our working capital requirements.
Albert Nahmad, Watsco's Chairman & Chief Executive Officer said: “A committed source of low-cost debt is an important building block of our growth strategy. We appreciate the confidence in Watsco shown by our participating lenders in the syndication.”
About Watsco
Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 250,000 contractors and technicians visit or call one of its 568 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. There are approximately 92 million central air conditioning and heating systems installed in the United States that have been in service more than 10 years. Older systems often operate below today’s government mandated energy efficiency and environmental standards. Watsco has an opportunity to accelerate the replacement of these systems at a scale greater than its competitors as the movement toward reducing energy consumption and its environmental impact continues. This is especially important since heating and cooling accounts for approximately half of the energy consumed in a typical U.S. home. Additional information about Watsco may be found at http://www.watsco.com.
