Graybar Electric Co. Inc. entered into an agreement Thursday that will let the company issue $100 million in senior debt to Metropolitan Life Insurance Co. and MetLife Investment Advisors LLC, according to a regulatory filing.
Graybar, the Clayton-based distributor of electrical, communications and data networking products, said it entered into an uncommitted $100 million private placement shelf agreement with the MetLife companies. Officials said the facility is expected to allow Graybar to issue senior promissory notes to MetLife or its affiliates at fixed or floating rates to be agreed upon when issued during a three-year period ending in September 2019.
Graybar, led by President and CEO Kathleen Mazzarella, said in the filing Thursday with the Securities and Exchange Commission that any proceeds from the facility will be used for general corporate purposes, including working capital and capital expenditures, to refinance existing indebtedness and/or to fund possible acquisitions.
Graybar, one of St. Louis’ largest privately owned companies, reported a second-quarter profit of $25.6 million on record revenue of $1.6 billion. The company posted 2015 sales of $6.1 billion.
Read more: St. Louis Business Journal