Watsco, Inc. 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.”