ESCO Technologies finalized a commitment with its lenders to enter into a new, extended and increased credit facility, which includes an increase of $50 million to its revolving line of credit, bringing the total to $500 million.

The bank syndication supporting the new facility is comprised of a diverse group of eight banks led by JPMorgan Chase Bank as administrative agent and BMO Harris Bank as syndication agent.

The new five-year agreement, which replaces the previous credit facility dated December 21, 2015, extends the maturity date through September 27, 2024, and lowers the total costs by reducing the outstanding borrowing rates and commitment fees.

The new facility also included provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders.

Proceeds from the new facility will be used to provide liquidity for general corporate purposes, including working capital, research and development spending, capital expenditures, and acquisitions.

headquartered in St. Louis, MO, ESCO manufactures highly-engineered filtration and fluid control products for the aviation, navy, space and process markets worldwide, as well as composite-based products and solutions for navy, defense and industrial customers.