Tech Data gets $500M in credit

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.