BofA Agents Zep Facility Refi
Zep Inc. announced that it refinanced its credit facility consisting of a new $75 million term loan and a $250 million revolving loan maturing in August 2019.
According to the company’s 8K filing, Bank of America served as administrative agent, swing line lender and letter of credit issuer. KeyBank and SunTrust Bank served as co-syndication agents. BMO Harris Bank and Compass Bank served as co-documentation agents.
“I am very pleased that we were able to refinance our credit facility at better rates and with more flexible debt covenants,” said John K. Morgan, Chairman, president and chief executive officer of Zep Inc. “Our first priority is to generate cash to pay down our existing debt balance and this new facility will provide the strategic financial flexibility necessary to invest in the business while we continue to recover from the fire at our aerosol manufacturing plant,” continued Morgan.
Zep is a consumable chemical packaged goods company selling a wide variety of high-performance chemicals that help professionals and prosumers clean, maintain and protect their assets.