8-K - SHERWIN WILLIAMS CO (0000089800) (Filer)
Fri, Aug 2, 11:32 AM (88 days ago)
On July 31, 2024, The Sherwin-Williams Company, along with its subsidiaries Sherwin-Williams Canada Inc. and Sherwin-Williams Luxembourg S.à r.l., entered into a new five-year $2.5 billion revolving Credit Agreement with Citibank, N.A. as the administrative agent. This agreement includes an option to increase the facility by up to $750 million and a $250 million subfacility for letters of credit. The new agreement replaces the existing credit agreement dated August 30, 2022, which was terminated with no outstanding borrowings. The new facility will mature on July 31, 2029, with options for two one-year extensions. The agreement includes covenants and default conditions similar to the previous one, with a financial covenant that limits the consolidated leverage ratio to 3.75 to 1.00, which can be temporarily increased to 4.25 to 1.00 following a qualifying acquisition. The agreement supports general corporate purposes and working capital needs.