HEICO Increases Credit Facility to $2.2 Billion
HEICO increased its existing credit facility to a $2.2B unsecured revolving credit facility, which is a $200M increase to the Facility's previous $2B limit. The Facility is with a banking syndicate led by Joint Lead Arrangers Truist Bank, Bank of America, Wells Fargo, PNC, TD Bank, and Credit Agricole. Other participating banks are Huntington, JPMorgan, RBC, and M&T Bank. Additionally, the Facility's maturity date has been extended to 2031. HEICO's record-size Facility includes an accordion feature allowing it to be increased to $3B under certain circumstances. Borrowings under the Facility bear interest at the Secured Overnight Financing Rate plus an applicable margin ranging from 75 to 125 basis points, which is indexed to HEICO's investment grade rating. Proceeds from the Facility will be used primarily to fund acquisitions, as well as for general business purposes.
