PNC Agents Layne Christensen $135MM ABL Revolver
Layne Christensen Company announced that it signed a new five-year, $135 million senior secured asset-backed revolving credit facility with PNC Bank as administrative agent, co-collateral agent and lender; Wells Fargo Bank as co-collateral agent and lender and Jefferies Finance as lead arranger, book running manager, syndication agent and lender.
The ABL facility will bear interest at a rate of LIBOR plus 2.75 – 3.25%, depending on average utilization, as determined quarterly. The ABL Facility has an accordion feature that could increase the borrowing capacity to up to $200 million.
In connection with the closing of the ABL facility, Layne terminated its prior $150 million credit facility.
Rene Robichaud, president and CEO of Layne, said, We are pleased with the support of our new banking group and the results of this financing. Our new ABL Facility lowers Layne’s borrowing costs and provides the flexibility and structure appropriate for the project-oriented nature of Layne’s business. In combination with our previously announced financing activities, we believe we have secured a stable, adaptable base of capital to implement our growth objectives.
Layne is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources.