MIAMI--(BUSINESS WIRE)--Jun. 26, 2014--
Watsco, Inc. (NYSE:WSO) (PARIS:WSO) announced today that it has
refinanced its existing unsecured revolving credit agreement led by
JPMorgan Chase Bank as Administrative Agent, Bank of America and Wells
Fargo Bank as Co-Syndication Agents and U.S. Bank National Association
as Documentation Agent.
The amended credit agreement provides borrowings of up to $600 million
versus $500 million under the prior agreement. The maturity date was
also extended by one year to July 1, 2019. All other major terms under
the facility remain unchanged. Watsco uses proceeds under the facility
for working capital, acquisitions, dividends and other general corporate
purposes.
Albert Nahmad, Watsco’s Chairman & Chief Executive Officer said: “A
committed source of low-cost debt capital is an important building block
of our growth strategy. We appreciate the confidence in Watsco shown by
our participating lenders in the syndication.”
Watsco improves indoor living and working environments with air
conditioning and heating solutions that provide comfort regardless of
the outdoor climate. Our solutions also promote healthier indoor spaces
by removing pollutants from the indoor air that can lead to asthma,
allergies and reductions in productivity. Furthermore, since heating and
cooling accounts for approximately half of the energy consumed in a
typical United States home, we offer consumers the greatest opportunity
to save money on energy by replacing existing air conditioning and
heating systems with more energy efficient and environmentally friendly
solutions.
There are approximately 89 million central air conditioning and heating
systems installed in the United States that have been in service for
more than 10 years. Older systems often operate below today’s government
mandated energy efficiency and environmental standards. Watsco has an
opportunity to accelerate the replacement of these systems at a scale
greater than our competitors as the movement toward reducing energy
consumption and its environmental impact continues. We operate from 568
locations in the United States, Canada, Mexico and Puerto Rico, with
additional market coverage on an export basis to Latin America and the
Caribbean. As the industry leader, significant growth potential remains
given that the estimated marketplace in the Americas for HVAC/R products
is $35 billion. Additional information about Watsco may be found at http://www.watsco.com.
Source: Watsco, Inc.
Watsco, Inc.
Barry S. Logan, 305-714-4102
Senior Vice President
blogan@watsco.com
www.watsco.com
