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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents $600MM Refinance for Actuant Corporation
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
Wells Fargo Bank [Co-Syndication Agent]
Bank of America [Co-Syndication Agent]
SunTrust Bank [Co-Syndication Agent]
PNC Bank [Co-Syndication Agent]
BMO Harris Bank [Documentation Agent]
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Structure
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$400MM Revolver; $200MM Term Loan
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Amount
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$600.000
Million
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Borrower(s)
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Actuant Corporation
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Description
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A new five-year $600 million senior credit facility, comprised of a $400 million revolving line of credit and a fully-drawn $200 million term loan. Proceeds from the refinancing will be used to retire the existing $300 million term loan due May 2020, of which $200 million was outstanding at the end of the company’s second quarter. The new facility includes a reduction in pricing, expansion of the revolving credit facility from $300 to $400 million, and a March 2024 maturity date. Borrowing capacity and outstanding debt will not change as a result of this new agreement. The new credit facility contains financial covenants that are consistent with the prior facility, with enhancements that improve overall liquidity. The facility provides the option for future expansion through a $300 million accordion on the revolver. The facility will bear interest initially at a rate of LIBOR + 1.625 bps.
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Industry
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Specialty Industries
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| Related Tags |
Bank of America, BMO Harris Bank, JPMorgan Chase Bank, PNC Bank, SunTrust Bank, Wells Fargo Bank
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ABL Advisor
Deal Tables
2025
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