Watsco announced it has signed a $750 million five-year unsecured senior revolving credit facility led by Bank of America, N.A. as Joint Lead Arranger, Sole Bookrunner and Administrative Agent, with JPMorgan Chase, PNC, Wells Fargo and U.S. Bank as co-arrangers and five other banks. The new facility amends and extends the company's existing credit line, and proceeds were used to repay $69.7 million in outstanding borrowings under the prior facility. Future borrowings will fund working capital, acquisitions, dividends and other general purposes, with terms offering higher borrowing capacity, greater covenant flexibility and better alignment with the seasonality of working capital needs. Executive Vice President Barry S. Logan said a committed source of low-cost debt is an important part of the company's growth strategy.
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