Wabtec has signed a new bank agreement that includes a $1.2 billion revolving credit facility and a $400 million term loan. The 23-bank group was led by PNC as administrative agent.

The revolving credit facility has a five-year term and replaces the company’s previous revolver of $800 million, while the term loan has a three-year maturity.

Patrick D. Dugan, Wabtec’s senior vice president and chief financial officer, said: “This new agreement provides financing for our planned acquisition of Faiveley Transport, which we expect to close in the fourth quarter, and for continued investment in Wabtec’s global growth initiatives, including other acquisitions. We appreciate the strong support of our banks and value their confidence.”

In addition to PNC, the following the following lenders served as joint lead arrangers and joint bookrunners: PNC Capital Markets; Merrill Lynch, Pierce, Fenner & Smith; JPMorgan Chase; HSBC Bank and Société Générale.

Wilmerding, PA-based Wabtec is a global provider of value-added, technology-based products and services for rail and other industrial markets.