{"id":740979,"date":"2023-03-17T07:35:05","date_gmt":"2023-03-17T11:35:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/"},"modified":"2023-03-17T07:35:05","modified_gmt":"2023-03-17T11:35:05","slug":"watsco-completes-600-million-unsecured-credit-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/","title":{"rendered":"Watsco Completes $600 Million Unsecured Credit Facility"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">MIAMI, March  17, 2023  (GLOBE NEWSWIRE) &#8212; Watsco, Inc.\u00a0(NYSE: WSO) today announced that it has signed a $600 million unsecured revolving credit facility led by\u00a0Bank of America, N.A.\u00a0as Administrative Agent, JPMorgan Chase Bank, N.A. as Syndication Agent, and Wells Fargo Bank, National Association and U.S. Bank National Association as Documentation Agents including six other banks. In anticipation of the cessation of the London Interbank Offered Rate (\u201cLIBOR\u201d), this facility is linked to the new Secured Overnight Financing Rate (\u201cSOFR\u201d). The new facility replaces Watsco\u2019s existing $560 million unsecured revolving credit facility.<\/p>\n<p align=\"justify\">Borrowings under the five-year $600 million unsecured 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 increased borrowing capacity, covenant flexibility, and greater sensitivity to the seasonal nature of our working capital requirements.\u00a0<\/p>\n<p align=\"justify\">Albert H. Nahmad, Watsco\u2019s Chairman &amp; Chief Executive Officer said: \u201cA committed source of low-cost debt is an important building block of our growth strategy. We appreciate the strong support and commitment from our relationship banks.\u201d\u00a0<\/p>\n<p align=\"justify\">\n        <strong>About Watsco<\/strong>\n      <\/p>\n<p align=\"justify\">Watsco\u00a0is the largest distribution network for heating, air conditioning and refrigeration (HVAC\/R) products with locations in\u00a0the United States,\u00a0Canada,\u00a0Mexico\u00a0and\u00a0Puerto Rico, and on an export basis to\u00a0Latin America\u00a0and the\u00a0Caribbean. Watsco\u00a0estimates that over 350,000 contractors and technicians visit or call one of its 673 locations each year to get information, obtain technical support and buy products.<\/p>\n<p align=\"justify\">Watsco\u2019s\u00a0has the opportunity to be a significant and important contributor toward climate change as its business plays an important role in the drive to lower CO2e\u00a0emissions.\u00a0According to the\u00a0Department of\u00a0Energy, HVAC systems account for roughly half of\u00a0U.S.\u00a0household energy consumption. As such, replacing HVAC systems at higher efficiency levels is one of the most meaningful steps homeowners can take to reduce electricity consumption and carbon\u00a0footprint over time.\u00a0The overwhelming majority of new HVAC systems\u00a0sold by\u00a0Watsco\u00a0replace systems that likely operate well below current minimum efficiency standards in the\u00a0U.S. As consumers replace HVAC systems with new, higher-efficiency systems,\u00a0homeowners will consume less energy, save costs and reduce the carbon footprint over time.<\/p>\n<p align=\"justify\">Based on estimates validated by independent sources,\u00a0Watsco\u00a0averted an estimated 15.8 million metric tons of CO2e emissions from\u00a0January 1, 2020,\u00a0to\u00a0December 31, 2022,\u00a0through the sale of replacement HVAC systems at higher-efficiency standards (an equivalent of removing 3.4 million gas powered vehicles off the road for a year). More information, including sources and assumptions used to support the Company\u2019s estimates, can be found at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=TvJR9MPXDJDtmYIeQE_lD4-Kj4ii84GKypwPu-uUFIOlj5_qcSf7HeDJzz2xWS1Cs0jc7dVOOO9akcFA-uiUtLH3-pQvSnYmU1ND_i7Sdt8I8PoPYDBW0K5X7pg-95zm3fBVM11yjI2dJzKEpcqKeM-e0atB4-bVs4iq0TCdjtHDCdr8-bNKCD2zyMm9GDlIJS9RF0E_HHc9ZolIKyTnBtKNjDbmVgsbw3L0AxgWv5tgt6xiuLxBRzYHV4mFmcc7u6G7Rw6CaouQ4rgixkOQ4Q==\" rel=\"nofollow noopener\" target=\"_blank\">www.watsco.com<\/a>.<\/p>\n<p align=\"justify\">This document includes certain \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as \u201cwill,\u201d \u201cwould,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cdesigned,\u201d \u201cplan,\u201d or \u201cintend,\u201d the negative of these terms, and similar references to future periods. These statements are based on management&#8217;s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco\u2019s industry, the seasonality of sales of Watsco\u2019s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents filed by Watsco with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.<\/p>\n<p align=\"justify\">\n        <em>Barry S. Logan<\/em><br \/>\n        <br \/>\n        <em>Executive Vice President<\/em><br \/>\n        <br \/>\n        <em>(305) 714-4102<\/em><br \/>\n        <br \/>\n        <em>E-mail : blogan@watsco.com<\/em>\n      <\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc5MDI1MyM1NDY3Mzc3IzIwMDg5NDE=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YmZiOWE5MGUtMzllYy00Mjc2LTk5NmUtZmYxYzljMGIyYTI4LTEwMjA1MTQ=\/tiny\/Watsco-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>MIAMI, March 17, 2023 (GLOBE NEWSWIRE) &#8212; Watsco, Inc.\u00a0(NYSE: WSO) today announced that it has signed a $600 million unsecured revolving credit facility led by\u00a0Bank of America, N.A.\u00a0as Administrative Agent, JPMorgan Chase Bank, N.A. as Syndication Agent, and Wells Fargo Bank, National Association and U.S. Bank National Association as Documentation Agents including six other banks. In anticipation of the cessation of the London Interbank Offered Rate (\u201cLIBOR\u201d), this facility is linked to the new Secured Overnight Financing Rate (\u201cSOFR\u201d). The new facility replaces Watsco\u2019s existing $560 million unsecured revolving credit facility. Borrowings under the five-year $600 million unsecured credit facility will be used for working capital, acquisitions, dividends, and other general purposes and bear interest at different rates depending on &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Watsco Completes $600 Million Unsecured Credit Facility&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-740979","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Watsco Completes $600 Million Unsecured Credit Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Watsco Completes $600 Million Unsecured Credit Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MIAMI, March 17, 2023 (GLOBE NEWSWIRE) &#8212; Watsco, Inc.\u00a0(NYSE: WSO) today announced that it has signed a $600 million unsecured revolving credit facility led by\u00a0Bank of America, N.A.\u00a0as Administrative Agent, JPMorgan Chase Bank, N.A. as Syndication Agent, and Wells Fargo Bank, National Association and U.S. Bank National Association as Documentation Agents including six other banks. In anticipation of the cessation of the London Interbank Offered Rate (\u201cLIBOR\u201d), this facility is linked to the new Secured Overnight Financing Rate (\u201cSOFR\u201d). The new facility replaces Watsco\u2019s existing $560 million unsecured revolving credit facility. Borrowings under the five-year $600 million unsecured credit facility will be used for working capital, acquisitions, dividends, and other general purposes and bear interest at different rates depending on &hellip; Continue reading &quot;Watsco Completes $600 Million Unsecured Credit Facility&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-17T11:35:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc5MDI1MyM1NDY3Mzc3IzIwMDg5NDE=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/watsco-completes-600-million-unsecured-credit-facility\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/watsco-completes-600-million-unsecured-credit-facility\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Watsco Completes $600 Million Unsecured Credit Facility\",\"datePublished\":\"2023-03-17T11:35:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/watsco-completes-600-million-unsecured-credit-facility\\\/\"},\"wordCount\":695,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/watsco-completes-600-million-unsecured-credit-facility\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODc5MDI1MyM1NDY3Mzc3IzIwMDg5NDE=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/watsco-completes-600-million-unsecured-credit-facility\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/watsco-completes-600-million-unsecured-credit-facility\\\/\",\"name\":\"Watsco Completes $600 Million Unsecured Credit Facility - 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In anticipation of the cessation of the London Interbank Offered Rate (\u201cLIBOR\u201d), this facility is linked to the new Secured Overnight Financing Rate (\u201cSOFR\u201d). The new facility replaces Watsco\u2019s existing $560 million unsecured revolving credit facility. Borrowings under the five-year $600 million unsecured credit facility will be used for working capital, acquisitions, dividends, and other general purposes and bear interest at different rates depending on &hellip; Continue reading \"Watsco Completes $600 Million Unsecured Credit Facility\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/","og_site_name":"Market Newsdesk","article_published_time":"2023-03-17T11:35:05+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc5MDI1MyM1NDY3Mzc3IzIwMDg5NDE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Watsco Completes $600 Million Unsecured Credit Facility","datePublished":"2023-03-17T11:35:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/"},"wordCount":695,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc5MDI1MyM1NDY3Mzc3IzIwMDg5NDE=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-completes-600-million-unsecured-credit-facility\/","name":"Watsco Completes $600 Million Unsecured Credit Facility - 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