Nortek has successfully completed amendments to its asset-based revolving credit agreement increasing it from $300 million to $325 million, with an accordion feature to increase the revolving credit facility by up to an additional $125 million. The maturity date has been extended from June 2017 to May 2021. The amended ABL facility also provides Nortek more favorable pricing and greater flexibility under many of the operational covenants in the agreement.

Bank of America and Wells Fargo Capital Finance acted as joint lead arrangers for the amended ABL facility. The syndicate for the facility also includes UBS, U.S. Bank, Barclays, Citibank, Citizens Business Capital, Credit Suisse and Royal Bank of Canada. UBS and U.S. Bank also acted as co-documentation agents.

Matthew Hughes, Nortek’s vice president and treasurer, said, “We are very pleased with the additional flexibility our amended facility provides and believe the increase in size and improved terms speak to Nortek’s financial strength. The amended facility, combined with our strong cash flow, provides us with the necessary flexibility to continue the execution of our business strategy.”

Providence, RI-based Nortek is a global, diversified industrial company whose broad array of offerings includes ventilation products such as range hoods and bathroom fans, security and audio/video solutions, heating and cooling products, air management systems, and ergonomic and productivity solutions.