PNC, J.P. Morgan Arrange Wabtec Facility Increase
Wabtec amended and increased its existing revolving credit facility to $800 million and extended the facility’s maturity date by two years.
The 16-bank group was led by PNC as joint lead arranger, joint bookrunner and administrative agent; and J.P. Morgan as joint lead arranger, joint bookrunner and syndication agent.
Alvaro Garcia-Tunon, Wabtec’s EVP and CFO, said, “The agreement provides more than adequate financing and flexibility for Wabtec to continue to invest in its global growth initiatives. We appreciate the strong support of our banks and value their confidence.”
Wabtec Corporation is a global provider of technology-based products and services for rail and other industrial markets.