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Debt
6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
Debt
DEBT
 
Revolving Credit Facility

At June 30, 2015 and December 31, 2014, we along with Graybar Canada Limited, our Canadian operating subsidiary (“Graybar Canada”), had an unsecured, five-year, $550,000 revolving credit agreement maturing in June 2019 with Bank of America, N.A. and the other lenders named therein (the "Credit Agreement"), which includes a combined letter of credit sub-facility of up to $50,000, a U.S. swing line loan facility of up to $50,000, and a Canadian swing line loan facility of up to $20,000. The Credit Agreement includes a $100,000 sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada and contains an accordion feature, which allows us to request increases to the aggregate borrowing commitments of up to $300,000.

The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, restricted payments (subject to incurrence tests, with certain exceptions), as well as securitizations, factoring transactions, and transactions with sanctioned parties or in violation of certain U.S. or Canadian anti-corruption laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants that we are subject to during the term of the Credit Agreement. We were in compliance with all these covenants as of June 30, 2015 and December 31, 2014.

We had total letters of credit of $5,690 and $5,725 outstanding, of which none were issued under the Credit Agreement at June 30, 2015 and December 31, 2014. The letters of credit are used primarily to support certain workers' compensation insurance policies.
   
There were $184,188 and $66,342 in short-term borrowings outstanding under the Credit Agreement at June 30, 2015 and December 31, 2014, respectively.

Short-term borrowings outstanding during the six months ended June 30, 2015 and 2014 ranged from a minimum of $35,981 and $31,089 to a maximum of $184,188 and $111,912, respectively.

At June 30, 2015, we had unused lines of credit under the Credit Agreement amounting to $365,812 available, compared to $483,658 at December 31, 2014.  These lines are available to meet our short-term cash requirements and are subject to annual fees of up to 40 basis points (0.40%).
 
Private Placement Shelf Agreement

At June 30, 2015 and December 31, 2014, we had an uncommitted $100,000 private placement shelf agreement with Prudential Investment Management, Inc. (the "Shelf Agreement"). The Shelf Agreement allows us to issue senior promissory notes to affiliates of Prudential at fixed rate terms to be agreed upon at the time of any issuance during a three year issuance period ending in September 2017. No notes had been issued under the Shelf Agreement as of June 30, 2015 and December 31, 2014.
 
The Shelf Agreement contains various affirmative and negative covenants. We are also required to maintain certain financial ratios as defined in the agreement. We were in compliance with all covenants as of June 30, 2015 and December 31, 2014.