Daily News: August 7, 2013

BofA Merrill, Wells Fargo Arrange EnerSys Facility Amendment

Energy solutions provider EnerSys announced the amendment to its $350 million senior secured credit facility.

BofA Merrill Lynch and Wells Fargo Securities acted as joint lead arrangers and joint book running managers for this transaction. Nineteen banks participated in the syndication and the facility was again oversubscribed.

The amended facility remains a $350 million revolving line of credit and is for a term of five-years and two months maturing in September 2018. The current interest rate for the amended facility remains at LIBOR plus 1.25%. The rate can increase based on EnerSys’ leverage ratio of debt to EBITDA as defined in the credit facility. There were no outstanding borrowings under the credit facility on the amendment date.

“We are pleased to complete this amendment and maturity extension in the current favorable credit market environment,” said Michael J. Schmidtlein, senior vice president and chief financial officer of EnerSys. “This amendment will increase our flexibility for acquisitions, joint ventures, stock repurchases and dividends, and extend the maturity of our U.S. revolving commitment to September 2018.”

EnerSys provides stored energy solutions for industrial applications, manufactures, distributes and services reserve power and motive power batteries, chargers, power equipment, and battery accessories to customers worldwide.