The NORDAM Group repaid the remaining outstanding principal amount of its Term Loan B issued on April 9, 2019. The instrument was refinanced by the issuance of a new $225 million private credit term loan, due 2031. The new term loan was provided by a group of lenders led by Crestline Investors with Crestline Direct Finance serving as the administrative agent. JPMorgan Chase Bank and Huntington Business Credit, arranged the facility as joint lead arrangers and bookrunners. Additionally, the company entered into a new $100 million ABL revolving credit facility, due 2030, provided by JPMorgan Chase Bank and Huntington Business Credit.
“This is an important milestone for NORDAM as we embark on our next chapter of growth,” Meredith Siegfried Madden, CEO of NORDAM, said. “We are pleased to secure backing from Crestline and additional lending investors and look forward to providing world-class products and services to our valued customers. With Crestline’s partnership, we believe we are well positioned to execute on our strategic plan, expand our business and take advantage of the many growth opportunities that lie ahead.”
“We are impressed by NORDAM’s strong position in the aerospace value chain and are excited to partner with Meredith and her team to support the company’s future growth,” Michael Aingorn, senior managing director at Crestline Investors, said. “We believe that NORDAM’s manufacturing expertise and deep customer relationships position the company well to capitalize on the continued growth in the aerospace industry.”
NORDAM was advised by Davis Graham & Stubbs. Paul Hastings served as legal advisor to Crestline Investors while Simpson Thacher & Bartlett advised JPMorgan Chase Bank and Huntington Business Credit.
