BofA, Others Amend, Extend Asset-Based Revolver for Nortek
Nortek, Inc., a diversified global manufacturer of branded residential and commercial ventilation, HVAC and technology products, announced that it has amended and extended its $300 million senior secured asset-based revolving credit agreement.
According to the company’s 8-K filing, it entered into the amendment with Bank of America as administrative agent, U.S. swing line lender and U.S. L/C issuer, Bank of America Canada branch as Canadian swing line lender and Canadian L/C issuer, along with Merrill Lynch and Wells Fargo Capital Finance as joint lead arrangers, Merrill Lynch as sole bookrunner, Bank of America as collateral agent, Wells Fargo Capital Finance as syndication agent and UBS Securities and U.S. Bank as co-documentation agents.
The amendment lowers the interest rates payable by Nortek and extends the maturity from December 17, 2015 to June 13, 2017. Additionally, certain provisions of the credit agreement have been amended to enhance Nortek’s financial and operational flexibility.
“This amendment was accomplished, in part, due to the recent improvements in Nortek’s financial profile,” said president and CEO Michael J. Clarke. “The transaction provides Nortek with affordable liquidity to support future growth.”
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