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CLEARWATER -- Tech Data Corp. (symbol: TECD) entered into a new revolving credit agreement this month, giving the technology distributor access to a $500 million debt line over the next five years. The new credit agreement replaces a $250 million account that was set to expire in March, the company says.
A number of lenders, including Bank of America NA, Merrill Lynch, Citigroup Global Markets Inc., and J.P. Morgan Securities LLC were involved in the new arrangement, a filing with the Securities and Exchange Commission shows.
In July, Tech Data reported having $905 million in cash and equivalents on its balance sheet, against just $63 million in long-term debt.
Tech Data earned $334 million in operating income in its most recent fiscal year, with $24.4 billion in revenues. Its stock price is up nearly 8% in the past year, to slightly less than $43 a share. Yesterday the Clearwater-based firm announced that it had reached a distribution deal with Research In Motion, the maker of BlackBerry devices.
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