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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
PNC Bank Agents Revolving Credit Facility Upsize, Extension for Tecnoglass
Monday, November 15, 2021
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Lenders/Participants
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PNC Bank [Administrative Agent]
Citizens Bank [Joint Lead Arranger]
BBVA USA [Joint Lead Arranger]
CIT Bank [Joint Lead Arranger]
Wells Fargo Bank [Joint Lead Arranger]
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Structure
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Revolving Credit Facility Upsize, Extension
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Amount
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$150.000
Million
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Borrower(s)
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Tecnoglass
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Description
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Company amended its senior secured revolving credit facility to (i) increase the borrowing capacity under its committed line of credit from $50 million to $150 million, (ii) reduce its borrowing costs by an approximate 130 basis points, and (iii) extend the initial maturity date by one year to the end of 2026. Borrowings under the credit facility will now bear interest at a rate of LIBOR with no floor plus a spread of 1.75%, based on the Company’s net leverage ratio, compared to a prior rate of LIBOR with a floor of 0.75% plus a spread of 2.50%. The company expects the amendments to provide approximately $3 million of incremental interest expense savings on an annual basis at current outstanding borrowings.
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Industry
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Manufacturing
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| Related Tags |
BBVA USA, CIT Bank, Citizens Bank, PNC Bank, Wells Fargo Bank
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ABL Advisor
Deal Tables
2025
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