EMCOR Group entered into a $1.3 billion credit agreement with a syndicate of banks led by Bank of Montreal as agent.
Adient Global closed a $1.5 billion term loan A and a $1.5 billion revolving credit facility. The net proceeds are intended to be used to make approximately $3 billion in cash tranfers to Johnson Controls in connection with its spin-off.
Lithia Motors amended its credit agreement to increase its existing facility by $300 million to $2.05 billion and extended the maturity to July 2021. U.S. Bank served as administrative agent.
Asbury Automotive Group entered into a second amended and restated $1.3 billion, five-year syndicated senior credit facility. Bank of America served as administrative agent.
Beasley Broadcast Group will acquire Greater Media for an aggregate consideration of approximately $240 million. RBC Capital Markets and U.S. Bank are providing financing for the acquisition.
Patrick Lumber, a 100-year old family business in Portland, OR, was looking for a credit facility that didn’t require personal guarantees from its board members. U.S. Bank’s ABL team courted Patrick Lumber for eight years, convinced it was a good fit for the bank. In March, the company left its lender of five years and signed a $20 million ABL deal with U.S. Bank. ABF Journal Editor Nadine Bonner spoke with Patrick Lumber CFO Mark Auxier and members of the U.S. Bank team to learn why the company switched to an ABL and how U.S. Bank cemented its relationship with the company.
U.S. Bank has named veteran banker Steven Bennett as its Columbus, Ohio market president. Bennett will lead the market in company-wide efforts and activities and will direct commercial banking in the greater Columbus area.
Ashland subsidiary Valvoline entered into a $1.325 billion credit agreement, encompassing a $450 million revolver and a $875 million term loan with a lender group led by The Bank of Nova Scotia as administrative agent.
MTS Systems completed the acquisition of PCB Group for $580 million. JPMorgan Chase served as administrative agent for the lender group that provided $560 million of financing to support the acquisition.
Búcha completed the acquisition of Colorado-based New Age Beverages and Xing Tea. U.S. Bank provided the funding for the transaction.