Global Power Secures $100 Million From Wells Fargo, Others
Global Power Equipment Group Inc. announced that it has entered into a new $100 million five-year senior secured revolving credit facility with Wells Fargo Bank as the administrative agent and Wells Fargo Securities and U.S. Bank as co-lead arrangers.
The new facility provides access to multi-currency funds and includes an uncommitted accordion feature for up to $50 million of additional borrowing capacity. The facility is structured to support strategic growth initiatives and provides flexibility regarding return of capital alternatives. Interest on the new facility is subject to a pricing grid which opens at LIBOR + 125. There were no cash borrowings at close.
“We are pleased to extend our existing relationship with Wells Fargo and look forward to fostering a strong relationship with our new lenders,” commented David Willis, CFO of Global Power. “Although our prior facility has served us well, this new facility provides access to additional liquidity we can deploy opportunistically and is structured to support our growth strategies.”
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries.