JPMorgan, Others Extend Actuant Credit Facility
Actuant announced that it amended and extended its senior credit facility. The amended facility continues to consist of a $600 million revolver and term loan, but the maturity date has been extended to July 2018 from February 2016.
According to the company’s 8K filing dated July 19, 2013, JPMorgan Chase Bank served as administrative agent; Bank of America, Wells Fargo Bank, and U.S. Bank served as syndication agents; and KeyBank and BMO Harris Bank served as documentation agents.
The expansion option was upsized to $350 million, subject to certain conditions. In addition, the amended agreement contains favorable adjustments to the pricing grid for borrowings, non-use and other fees, along with increased flexibility in other terms, conditions and covenants.
“I am pleased with the terms of this agreement as it reflects our lender’s recognition of Actuant’s strong financial profile and provides flexibility for future growth opportunities,” said Andrew Lampereur, executive vice president and chief financial officer. “We thank our lending group for their ongoing support.”
Actuant a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in an array of niche markets including branded hydraulic tools and solutions; specialized products and services for energy markets and highly engineered position and motion control systems.