In addition to the Incremental Term Loan, the Existing Credit Agreement continues to provide for a $3.275 billion asset-based revolving credit facility.
The Company can elect for the Incremental Term Loan to bear interest at a rate of LIBOR (subject to a 1.00% floor) plus a margin of 4.50%, or at a "base rate" plus a margin of 3.50%.
The Incremental Term Loan is secured by the same collateral as the Revolving Facility on a pari passu basis with the Revolving Facility and guaranteed by the same subsidiaries of the Company that guarantee the Revolving Facility, and matures in June 2018. The Revolving Facility continues to be scheduled to expire on April 8, 2016.
The net proceeds of the Incremental Term Loan were used to reduce borrowings under the Revolving Facility, which resulted in borrowings outstanding under the Revolving Facility of approximately $1.0 billion.
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