Atkore International Group refinanced its existing $642 million in term loan facilities with an amended and restated $500 million new term loan facility.

The transaction refinanced Atkore’s existing $411 million first lien term loan facility and $231 million second lien term loan facility.

Deutsche Bank New York Branch served as administrative and collateral agent and UBS Securities served as syndication agent and documentation agent. Deutsche Bank Securities, UBS Securities, JPMorgan Chase Bank, Wells Fargo Securities, Citigroup Global Markets, Credit Suisse Securities and Royal Bank of Canada served as joint lead arrangers and joint bookrunners.

The new term loan facility matures in December 2023. The company also amended its asset-based credit facility to extend the maturity to December 2021 and decrease the interest rate margins applicable to loans under the asset-based credit facility.

The company used the borrowings under the new term loan facility, together with approximately $155 million of available cash, to prepay in full all loans outstanding under the existing first lien term loan facility the second lien term loan facility and to pay related fees and expenses.

As a result of the proposed refinancing, the company expects to reduce its annual cash interest expense by approximately $16 million based on current LIBOR rates.

Atkore International Group is a manufacturer of electrical raceway products for the non-residential construction and renovation markets and mechanical products and solutions for the construction and industrial markets.