Tennant and its foreign subsidiaries entered into a credit agreement with JPMorgan Chase Bank as administrative agent.

The credit agreement provides Tennant and certain of its foreign subsidiaries access to a senior secured credit facility until April 4, 2022, consisting of a multi-tranche term loan facility in an amount up to $400 million and a revolving facility in an amount up to $200 million with an option to expand the revolving facility by $150 million.

According to a related 8-K filing, Goldman Sachs Bank served as syndication agent, and Wells Fargo, U.S. Bank and HSBC Bank served as co-documentation agents.

Borrowings bear interest at a rate per annum equal to the greatest of  the prime rate, the federal funds rate plus 0.50% and the adjusted LIBOR rate for a one month period, but in any case, not less than 0%, plus 1.0%, plus an additional spread of 0.075% to 0.90% for revolving loans and 0.25% to 1.25% for term loans, depending on the company’s leverage ratio, or LIBOR, as adjusted for statutory reserve requirements for eurocurrency liabilities, but in any case, not less than 0%, plus an additional spread of 1.075% to 1.90% for revolving loans and 1.25% to 2.25% for term loans, depending on the company’s leverage ratio.

As part of the agreement, Tennant granted the lenders a security interest in substantially all of its personal property.

Tennant is a manufacturer of indoor and outdoor environmental cleaning solutions and specialty floor coatings.