Federal Signal, an environmental and safety solutions provider, has completed a new five-year $325 million revolving credit facility, to replace its existing $225 million credit facility. The company also has the flexibility to borrow up to an additional $75 million under the new facility, subject to approval by applicable lenders.
The syndication of the new facility was completed with Wells Fargo Securities and J.P. Morgan Securities acting as joint lead arrangers and joint bookrunners, JPMorgan Chase as syndication agent and KeyBank as documentation agent. Wells Fargo will serve as administrative agent.
Jennifer L. Sherman, Federal Signal’s president and CEO, commented, “We are extremely pleased to announce this new credit facility, which provides greater financial flexibility to invest in internal growth initiatives and pursue acquisitions. The terms of the new facility are more favorable to the company, reflecting the company’s strong cash flow and balance sheet, as well as current market conditions. This marks another important milestone on our path to disciplined, strategic growth.”
Oak Brook, IL-based Federal Signal is a global designer and manufacturer of products and solutions that serve municipal, governmental, industrial and commercial customers. The company operates three groups: Environmental Solutions, Safety and Security Systems and Fire Rescue.