Daily News: September 25, 2019

BofA Leads $100MM Facility for Raven Industries


Raven Industries has entered a new, three-year, $100 million senior multi-currency revolving credit facility with BofA Securities acting as sole bookrunner and lead arranger.

The credit facility also includes an uncommitted $100 million borrowing
availability expansion feature, which would bring the company’s total borrowing capacity to $200 million. This new credit facility replaces the company’s prior credit agreement, which was scheduled to expire next fiscal year.

“We have a strong track record of putting capital to work where it can generate very attractive financial returns,” said Steven Brazones, vice president and CFO. “This revolving credit facility accomplishes that and ensures continued flexibility to pursue increased acquisition activity to augment our long-term profit growth.”

Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies.