AZZ, a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, entered into a new credit agreement.

The new five-year, $450 million revolving credit facility, which will expire on March 21, 2022, contains a $150 million accordion feature to upsize the facility to $600 million if needed, and also includes a $75 million sub-limit for the issuance of letters of credit.

According to a related 8-K filing, Bank of America served as administrative agent, swing line lender and L/C issuer for the lender group. Citibank, Citizens Bank and U.S. Bank served as co-syndication agents, joint lead arrangers and joint bookrunners. Merrill Lynch, Pierce, Fenner and Smith also served as a joint lead arranger and joint bookrunner.

“I’m very pleased to finalize a new credit agreement with our banking partners,” said Paul Fehlman, AZZ’s chief financial officer. “We believe the new credit facility accomplishes the important strategic goal of providing us significant financial flexibility at lower credit spreads that will support our growth initiatives and positions us to consider strategic opportunities that can add value to our business. The new agreement further demonstrates the confidence our banking partners have in the financial strength of our business.”