WD-40 (WDFC) Announces New 3-Year, $75 Million Revolving Credit Agreement with BofA
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WD-40 Company (Nasdaq: WDFC) has entered into a $75.0 million three-year revolving unsecured credit agreement with Bank of America, N.A. (NYSE: BAC).
The new credit facility replaces an existing $10.0 million unsecured credit line with Union Bank, N.A. ("Union Bank") executed in September 2008. The Company had no outstanding borrowing under the Union Bank credit line and has not yet drawn on the credit facility with Bank of America. The Company's $75.0 million, 7.28% fixed-rate term loan financed through Prudential Capital matures in October 2011. A balance of $10.7 million remains outstanding on the Prudential loan.
The new credit facility replaces an existing $10.0 million unsecured credit line with Union Bank, N.A. ("Union Bank") executed in September 2008. The Company had no outstanding borrowing under the Union Bank credit line and has not yet drawn on the credit facility with Bank of America. The Company's $75.0 million, 7.28% fixed-rate term loan financed through Prudential Capital matures in October 2011. A balance of $10.7 million remains outstanding on the Prudential loan.
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