CHICAGO, April 4, 2008 /PRNewswire-FirstCall/ -- W. W. Grainger, Inc. announced today that it has engaged Wachovia Capital Markets, LLC to syndicate a four year term loan of up to $500 million. The final amount of the loan will depend on financial market conditions. Proceeds are expected to be used primarily to pay off short-term debt.
"We believe a modest level of intermediate to long term debt is in the best interest of our shareholders," said Senior Vice President and Chief Financial Officer Ron Jadin. "Grainger will continue to maintain a financial position that provides us operational flexibility and best supports us for profitable growth."
The loan is expected to close May 1, 2008. About Grainger
W.W. Grainger, Inc. , with 2007 sales of $6.4 billion, is the leading broad line supplier of facilities maintenance products serving businesses and institutions in Canada, China, Mexico and the United States. Through a highly integrated network including more than 600 branches, 18 distribution centers and multiple Web sites, Grainger's employees help customers get the job done.
Forward-Looking Statements
This document contains forward-looking statements under the federal securities laws. The forward-looking statements relate to the company's expected future financial results and business plans, strategies and objectives and are not historical facts. They are generally identified by qualifiers such as, "expected," "depend" "primarily" "will continue", or similar expressions. There are risks and uncertainties the outcome of which could cause the company's results to differ materially from what is projected. The forward-looking statements should be read in conjunction with the company's most recent annual report, as well as the company's Form 10-K and other reports filed with the Securities & Exchange Commission, containing a discussion of the company's business and of various factors that may affect it.
