AirBoss of America updated its senior secured credit facilities with an expanded syndicate of banks to increase the available size, extend the maturity date and provide the company with improved terms, lower pricing and increased flexibility. Key changes include:
- An increase of revolving credit availability to $250 million (from $150 million) with an accordion of $75 million (from $50 million)
- The elimination of the company’s amortizing term loan
- A change in the maturity date to Sept. 23, 2026
- No principal payments prior to maturity
- More flexible financial covenants and conditions related to size of permitted acquisitions
The increased facilities are intended to cover upfront working capital costs necessary to execute on the company’s existing and potential future contracts, as well as to provide increased flexibility to execute on the company’s inorganic growth strategies.
The expanded syndicate of lenders for the facilities consists of TD Bank as sole lead arranger along with National Bank of Canada, Comerica Bank, J.P. Morgan, Bank of Montreal, Canadian Imperial Bank of Commerce and Royal Bank of Canada as participants.