Altra Industrial Motion, a global supplier of electromechanical power transmission and motion control products, entered into an agreement to amend its existing credit facility.
The amendment, which will become effective upon the closing of Altra’s purchase of Stromag increases Altra’s revolving credit facility by $75 million to $425 million. The company expects to use the increased facility to finance Altra’s purchase of Stromag.
The amendment also resets the possible expansion of up to $150 million of additional future loan commitments. In addition, the amendment increases the multicurrency sublimit to $250 million and adjusts certain financial covenants. The pricing terms and maturity date under the credit agreement remain unchanged.
According to a related 8-K filing, JPMorgan Chase Bank served as administrative agent and J.P. Morgan Securities, Wells Fargo Securities and KeyBanc Capital Markets were joint lead arrangers and joint bookrunners.