Advanced Drainage Systems completed a $550 million revolving credit facility with PNC as administrative agent.

According to a related 8-K filing, the agreement includes an option to increase the revolver or incur new term loans of up to $150 million.

PNC Capital Markets, Citizens Bank and Fifth Third Bank acted as joint bookrunners and joint lead arrangers. Citizens Bank and Fifth Third Bank acted as co-syndication agents, and Bank of America, JPMorgan Chase Bank and BMO Harris Bank acted as documentation agents.

Borrowings under the credit facility will be used for general corporate purposes, including repurchases of stock, repayments of existing indebtedness, repayments of short-term borrowings, working capital requirements, capital expenditures and acquisitions. The interest rates under the credit facility are determined by certain base rates or LIBOR rates, plus an applicable margin. The credit facility has an expiration date of June 22, 2022.

Obligations under the credit agreement are secured by capital stock of certain direct and indirect subsidiaries of the company and the guarantors and substantially all other tangible and intangible personal property owned by the company and the guarantors.