On January 2, 2014, DXP Enterprises, Inc. (DXP) completed the acquisition of all of the equity securities and units of B27, LLC (B27). In connection with the closing of this acquisition, on January 2, 2014, DXP entered into an Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as Issuing Lender, and Administrative Agent for other lenders (the New Facility), amending the company's existing credit facility initially entered into on July 11, 2012 and amended on December 31, 2012. The New Facility provides a $250 million term loan (previously $137.5 million at December 31, 2012) and a $350 million revolving line of credit facility to the company (previously $262.5 million at December 31, 2012).

The New Facility provides the option of interest at LIBOR (or CDOR for Canadian dollar loans) plus an applicable margin ranging from 1.25% to 2.50% or prime (or Canadian prime for Canadian dollar loans) plus an applicable margin from 0.25% to 1.50% where the applicable margin is determined by the company's leverage ratio as defined by the New Facility as of the last day of the fiscal quarter most recently ended prior to the date of borrowing. commitment fees of 0.20% to 0.45% per annum will be payable on the portion of the New Facility capacity not in use at any given time on the line of credit. The company incurred approximately $2.0 million in debt issuance costs related to the New Facility.

The New Facility will expire five years after the closing date of the New Facility.