Gardner Denver Holdings amended its existing credit agreement that repriced and extended its term loan facilities.

The amendment refinanced the previously existing senior secured U.S. dollar term loan facility with a replacement $1.28 billion senior secured U.S. dollar term loan facility and the previously existing senior secured Euro term loan facility with a replacement €615 million ($723.3 million) senior secured Euro term loan facility.

According to a related 8-K filing, UBS, Stamford Branch, served as administrative agent, collateral agent, swingline lender and letter of credit issuer. KKR Capital Markets is a joint lead arranger and joint bookrunner of the amendment and a joint manager and arranger.

The amendment also lowered the interest rate applicable to both the U.S. dollar and Euro term loans. The new applicable margin for loans under the new U.S. dollar term loan facility is 2.75% for LIBOR loans and 1.75% for base rate loans; and the new applicable margin for loans under the new Euro term loan facility is 3.00% for LIBOR loans.

The amendment extended the maturity for both the U.S. dollar and Euro term loans to July 2024.

The company expects to realize an annualized interest expense savings of approximately $18 million based on the current principal balance outstanding and assuming LIBOR remains at its current rate.

Gardner Denver is a global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services, which it sells across multiple attractive end-markets within the industrial, energy and medical industries.