Wells Fargo Agents JBT Revolver
JBT Corporation announced the completion of a new, five-year $450 million revolving credit facility, which replaces its existing $300 million credit facility. The new facility has a $250 million accordion feature subject to approval by applicable lenders.
The syndication of the new facility was completed with Wells Fargo Securities serving as left lead arranger, and Merrill Lynch and J.P. Morgan Securities acting as joint lead arrangers. Wells Fargo Bank will serve as the administrative agent.
Brian Deck, executive vice president and chief financial officer, commented: “We are extremely pleased to announce this new credit facility, which substantially improves our financial flexibility to invest in growth initiatives and pursue acquisitions. This action also provides us with the capacity to repay our July 2015 private placement notes. The terms of the new facility are more favorable to the Company and reflect current market conditions. This marks another important milestone in the execution of our Next Level strategic goals.”
JBT is a global technology solutions provider to the food processing and air transportation industries.