Merrill Lynch, Others Arrange $500 Million for Curtiss-Wright
Curtiss-Wright Corporation has entered into an agreement with a group of seven banks establishing a $500 million credit facility with an accordion feature to expand to $600 million. This credit facility replaces existing lines of credit totaling $425 million.
The company plans to use the credit line for working capital purposes, internal growth initiatives, funding of possible future acquisitions and other general corporate purposes. The agreement has a five-year term expiring in 2017.
Merrill Lynch, Pierce, Fenner & Smith, J.P. Morgan Securities and Wells Fargo Securities served as joint lead arrangers. Bank of America is the administrative agent and JPMorgan Chase Bank and Wells Fargo Bank are the syndication agents. The documentation agent is RBS Citizens.
“The successful completion of this financing supports our strategic vision of continued long-term growth in each of our business segments while maintaining a strong and healthy balance sheet,” said Martin R. Benante, chairman and CEO, Curtiss-Wright Corporation. “Looking ahead, we will continue to demonstrate our ability to produce long-term organic growth and to strategically invest in both our technologies and acquisitions in order to enhance the strength of our portfolio of highly engineered products and services.”
Curtiss-Wright Corporation is an engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets.