What is the total amount of the Aplus revolving credit facility?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
ble semi-annually on April 30 and October 30 of each year.
Energy Transfer guarantees collection to the Issuers with respect to the payment of the principal amount of the 5.875% Senior Notes due 2028. Energy Transfer is not subject to any of the covenants under the Indenture.
Credit Facility
On April 7, 2022, we entered into a Second Amended and Restated Credit Agreement among the Partnership, as borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, collateral agent, swingline lender and a letter of credit issuer (the "Credit Facility"). The Credit Facility is a $1.50 billion revolving credit facility which matures on April 7, 2027 (which date may be extended in accordance with the terms of the Credit Facility). The Credit Facility can be increased from time to time upon our written request, subject to certain conditions, up to an additional $500 million.
Source: Item 22 — CONTRACTS (FDD page 68)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, the company has a $1.50 billion revolving credit facility. This credit facility, which matures on April 7, 2027, was established through a Second Amended and Restated Credit Agreement dated April 7, 2022.
The agreement allows Aplus to increase the credit facility upon written request, subject to certain conditions, by up to an additional $500 million. Borrowings under this facility will incur interest based on a base rate, which is determined by the higher of the Federal Funds Rate plus 0.500%, Bank of America's prime rate, or one-month Term SOFR, plus an applicable margin ranging from 1.250% to 2.250% for a Term SOFR loan, or from 0.250% to 1.25% for a base rate loan. These margins are determined by the Partnership's Net Leverage Ratio as defined in the Credit Facility.
As of December 31, 2023, the balance on the Credit Facility was $411 million, with $5 million in standby letters of credit outstanding. The unused availability on the Credit Facility at that time was $1.084 billion. The weighted average interest rate on the outstanding amount as of that date was 7.54%.