Daily News: February 1, 2017

JPMorgan Agents Financing to Support Columbus McKinnon Buy

Columbus McKinnon, a designer, manufacturer and marketer of material handling products, technologies and services, completed its acquisition of STAHL CraneSystems.

Upon closing the deal, the company completed debt financing used to complete the acquisition and to repay the outstanding balances on the company’s current revolving credit facility and term loan.

According to an 8-K related filing, JPMorgan Chase served as administrative agent for a lender group that included JPMorgan, PNC Capital Markets, Citizens Bank, Manufacturers and Traders Trust and BMO Capital Markets as joint lead arrangers, and PNC Capital Markets, Citizens Bank and Manufacturers and Traders Trust as co-syndication agents. The first lien term loan is in the amount of $445 million at a rate of LIBOR plus 3.0%. The company also secured a $100 million revolving credit facility.