Curtiss-Wright entered into a new credit agreement with a group of eight banks increasing the size of its revolving credit facility to $750 million, while also expanding the accordion feature to $250 million. The new replacement credit facility has a five-year term set to mature in May 2027. The prior credit facility which was set to expire in October 2023 has been terminated.
Curtiss-Wright expects to use the credit facility for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives.
“We are pleased to announce the execution of our new and expanded revolving credit facility, as the successful completion of this financing provides us with greater financial flexibility to execute on our balanced capital allocation strategy that consists of pursuing strategic acquisitions, reinvesting in our business to drive organic growth and returning capital to our shareholders,” Lynn M. Bamford, chair and CEO of Curtiss-Wright, said. “This credit facility allows us to bolster our already strong and healthy balance sheet, and along with our strong cash flow generation, will provide continuous opportunities to deliver on our Pivot to Growth strategy.”
J.P. Morgan is the administrative agent; J.P. Morgan, Bank of America and Wells Fargo served as joint lead arrangers and joint bookrunners; Bank of America and Wells Fargo are the syndication agents; and Citizens Bank is the documentation agent. The new agreement provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.