United Stationers Inc. (NASDAQ: USTR), a leading wholesale distributor of business products, announced today that it closed a five-year $700 million Revolving Credit Facility with a syndicate of financial institutions. It replaces the company’s $425 million revolver and $200 million term loan maturing July 2012.
The Revolving Credit Facility will be used for strategic growth initiatives, working capital and other general corporate purposes. Twelve financial institutions participated in the facility, which was nearly 40 percent oversubscribed, with J.P. Morgan Securities LLC, U.S. Bank N.A. and Wells Fargo Securities, LLC serving as joint lead arrangers.
“We are very pleased to have such a strong showing of support from our banks and to be able to extend this important source of committed financing through 2016,” said Fareed Khan, senior vice president and chief financial officer.
Company OverviewUnited Stationers Inc. is a leading wholesale distributor of business products, with 2010 net sales of approximately $4.8 billion. The company stocks approximately 100,000 items, including technology products, traditional office products, janitorial and breakroom supplies, office furniture, and industrial supplies. A network of 64 distribution centers allows it to deliver these products to over 25,000 reseller customers. This network, combined with United’s depth and breadth of inventory, enables the company to ship most products overnight to more than 90% of the U.S. and major cities in Mexico. For more information, visit www.unitedstationers.com. United Stationers’ common stock trades on the NASDAQ Global Select Market under the symbol USTR.