PNC, RBS Lead $300MM Facility for Calgon Carbon
Calgon Carbon announced the closing of a new $300 million syndicated credit facility, led by PNC Capital Markets LLC and RBS Citizens as joint lead arrangers. PNC Bank acted as administrative agent, and co-documentation agents included Bank of America and Branch Banking and Trust Company. Participants include First Commonwealth Bank and First National Bank of Pennsylvania.
The facility refinanced existing debt and provided an additional $175 million of borrowing capacity to support strategic growth initiatives, acquisitions, share repurchases, working capital and general corporate purposes.
The facility is an unsecured five-year revolving loan and seven-year delayed draw term loan. The revolving loan includes two optional one-year extensions and a five-year maturity date. The seven-year delayed draw term loan includes a maximum of three draws for a total commitment of $75 million.
Steve Schott, Calgon Carbon’s chief financial officer, commented, “I am very pleased with the additional funds available to us under this facility. This transaction increases our maximum credit capacity from $125 million to $300 million, which will provide increased flexibility as we pursue our strategic initiatives.”
Headquartered in Pittsburgh, Calgon Carbon is a global provider of services and solutions for making water and air safer and cleaner.