Stanley Black & Decker, Inc. Enters into 364-Day Credit Agreement
January 28, 2022 at 04:06 pm
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On January 26, 2022, Stanley Black & Decker, Inc. entered into a 364-Day Credit Agreement with each of the initial lenders named therein, Citibank, N.A., as administrative agent, Citibank, N.A. and BofA Securities, Inc., as lead arrangers and book runners, and Bank of America, N.A. as syndication agent. The Credit Agreement consists of a $2.5 billion revolving credit loan, which may be drawn by the Company and its subsidiaries which are designated as Designated Borrowers under the Credit Agreement. The Company guarantees its obligations and the obligations of each Designated Borrower under the Credit Agreement.
The Company must repay all advances under the Credit Agreement by the earlier of January 25, 2023 or the date of termination in whole, at the election of the Company, of the commitments by the lenders under the Credit Agreement. The Company may, however, convert all advances outstanding on the Termination Date in effect at such time into a term loan, provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The Term Loan shall be repaid in full no later than the first anniversary of the Termination Date.
Stanley Black & Decker, Inc. specializes in the design, manufacturing and marketing of tools and engineering solutions for professional, industrial and construction and consumer use. Net sales break down by family of products as follows:
- electric tools and accessories (71.1%): tools and electric devices (drills wire, sanders, saws, grinders, batteries, etc.), garden tools (shears, cutting edge, trimmers, aerators , grinders, chainsaws, etc.), vacuum cleaners, lamps, lights, battery chargers, starter batteries, power converters, hand tools (measuring and leveling tools, planes, hammers, knives, blades, screwdrivers, saws, etc.), consumer mechanics tools (wrenches and sockets), plastic tool boxes, pneumatic tools and fasteners (nail guns, staplers, staples, etc.);
- industrial products (16.2%): professional and automotive mechanics tools (wrenches, sockets, electronic diagnostic tools, etc.), storage systems, plumbing, heating and air conditioning tools (pipe wrenches, pliers, tubing cutters, etc.), hydraulic tools, etc.;
- access and security products (12.7%): automatic doors, door closers, emergency exit devices, locking mechanisms, integrated security devices, etc.
Net sales are distributed geographically as follows: the United States (60.5%), Canada (4.7%), Americas (4.2%), France (4%), Europe (19.2%) and Asia (7.4%).
STANLEY BLACK & DECKER, INC. 
