Xerium Technologies, a global provider of industrial consumable products and services, announced that it refinanced its existing term loan and revolving credit facility with the proceeds of a new term loan arranged by Jefferies and Credit Suisse.
The refinanced facilities consist of a new $200 million covenant lite term loan credit facility replacing the existing multi-currency term loan; and a new $40 million US and Canadian asset-based revolving line of credit replacing the existing $30 million multi-currency revolving line of credit.
Xerium remains focused on executing its global restructuring initiatives and the terms of the new credit facilities provide management with the flexibility to pursue these initiatives as well as pursue new growth opportunities.
Harold Bevis, Xerium’s president and chief executive officer, stated, “We are thankful to our lender group for supporting Xerium’s ongoing operational improvement initiatives. The new capital structure allows us to implement what we believe are game-changing improvements to our business. We are now poised to accelerate some of our planned activities.”