Trading Companies and Distributors
Company Overview of HD Supply, Inc.
HD Supply, Inc. operates as an industrial distribution company in North America. The company’s Facilities Maintenance segment distributes electrical and lighting items, plumbing and HVAC products, appliances, janitorial supplies, hardware, kitchen and bath cabinets, window coverings, textiles and guest amenities, healthcare maintenance products, and water and wastewater treatment products. Its Waterworks segment offers water and wastewater transmission products, such as pipes, fittings, valves, hydrants, and meters for constructing, maintaining, and repairing water and wastewater systems, and fire-protection systems, as well as smart meters, fusible piping solutions, and engineered treatment...
3100 Cumberland Boulevard
Atlanta, GA 30339
Key Executives for HD Supply, Inc.
Chairman of The Board, Chief Executive Officer and President
Chief Financial Officer and Senior Vice President
Executive President of HD Supply and President of Construction & Industrial - White Cap
President of Hd Supply Waterworks
Chief Commercial Officer and Senior Vice President
Compensation as of Fiscal Year 2016.
HD Supply, Inc. Key Developments
HD Supply, Inc. Enters into a Fourth Amendment to the Credit Agreement
Oct 17 16
On October 14, 2016, HD Supply, Inc. (HDS) as borrower, certain of HDS' affiliates signatory thereto, as guarantors, Bank of America, N.A., as administrative agent, Bank of America, N.A., as a term loan lender, and the other lenders party thereto entered into a Fourth Amendment to the credit agreement governing HDS' existing term loan credit facility, dated as of April 12, 2012. Pursuant to the Fourth Amendment, HDS amended its Existing Term Loan Facility to among other things, (i) eliminate its LIBOR floor by means of a replacement tranche that replaced all of the Company's outstanding term loans in an aggregate principal amount of $841,500,000 and (ii) issue a new tranche of term loans in an
aggregate principal amount of $550,000,000 (the Incremental Term Loans). The Incremental Term Loan Facility will mature on October 17, 2023. The terms of the Incremental Term Loan Facility are substantially the same as those of the Existing Term Loan Facility, subject to certain technical amendments and a reduction to the applicable margin on the Incremental Term Loans from 2.75% per annum to 2.50% per annum upon the Company reaching a consolidated total leverage ratio of 3.0x or less. On October 17, 2016, HDS used the net proceeds from the Incremental Term Loans, together with cash on hand and borrowings under HDS' Senior Asset Based Lending Facility, to effect the previously announced redemption of all of its outstanding $1,275,000,000 in aggregate principal amount of 7.50% Senior Notes due 2020 (the 7.50% Senior Notes) at a redemption price of 103.750% of the principal amount of such notes, to pay accrued but unpaid interest thereon and to pay related fees and expenses. Also on October 17, 2016, the trustee for the 7.50% Senior Notes cancelled all of the outstanding 7.50% Senior Notes and HDS requested that its obligations under the Indenture, dated as of February 1, 2013, as supplemented, among HDS, the subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee, be discharged in accordance with the terms thereof.
HD Supply, Inc. Announces Redemption of $1.275 Billion of Outstanding 7.50% Senior Notes
Oct 17 16
HD Supply Holdings, Inc. announced that its indirect wholly-owned subsidiary, HD Supply, Inc. has redeemed all of its outstanding $1,275 million 7.50% Senior Notes due 2020 using proceeds from the completion of an amendment to its Senior Secured Term Loan Facility together with cash on hand and borrowings under its Senior Asset Based Lending Facility. The redemption amount of approximately $1,323 million included a call premium of approximately $47.8 million. The reduction in future interest expense is expected to be approximately $65 million annually. The company’s net debt to adjusted EBITDA leverage ratio as of July 31, 2016 is 4.5x adjusted for this redemption of the 7.50% Senior Notes.
HD Supply, Inc. Announces Pricing of Incremental Term Loan and Amendment to Senior Secured Term Loan Facility
Sep 19 16
HD Supply Holdings, Inc. announced that its indirect wholly-owned subsidiary, HD Supply, Inc. has secured commitments from investors to fund a new tranche of term loans in an aggregate principal amount of $550,000,000 priced at 99.50% of the principal amount and bearing interest at a rate of LIBOR plus 2.75% per annum (with no LIBOR floor), which will be reduced to a rate of LIBOR plus 2.50% per annum upon the Company reaching a total consolidated leverage ratio of 3.0x or less. As previously announced, the Company intends to use the proceeds of such new tranche of term loans, together with cash on hand and borrowings under its existing ABL Credit Facility, to redeem its outstanding $1,275,000,000 aggregate principal amount of 7.50% Senior Notes due 2020 (7.50% Senior Notes) and to pay related fees and expenses. The Company has also reached an agreement to amend its Senior Secured Term Loan Facility to eliminate its LIBOR floor by means of a replacement tranche bearing interest at a rate of LIBOR plus 2.75% per annum that will replace the remaining principal outstanding from the existing tranche of term loans. The transaction is expected to close on October 17, 2016, subject to customary closing conditions. The Company expects the total cost of this transaction, including call premium on the 7.50% Senior Notes to be redeemed and discount on the new term loan, will be approximately $55 million. Total annual interest savings is expected to be approximately $65 million.
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