Nortek, Inc, a global diversified industrial company with leading brands and innovative air management and technology-driven solutions for residential and commercial applications, has successfully completed amendments to its asset-based revolving credit agreement that will improve Nortek's financial and operational flexibility.

Under the amended ABL Facility, the revolving credit facility has been increased from $300 million to $325 million, with an accordion feature to increase the revolving credit facility by up to an additional $125 million, and the maturity date has been extended from June 2017 to May 2021. The amended ABL Facility also provides Nortek more favorable pricing and greater flexibility under many of the operational covenants in the agreement.

Bank of America and Wells Fargo Capital Finance acted as joint lead arrangers for the amended asset-based loan facility. The syndicate for the facility also includes UBS AG, U.S. Bank, Barclays Bank PLC, Citibank, Citizens Business Capital, Credit Suisse AG and Royal Bank of Canada. UBS AG and U.S. Bank also acted as Co-documentation Agents.

Matthew Hughes, Nortek's Vice President and Treasurer, stated: "We are very pleased with the additional flexibility our amended facility provides and believe the increase in size and improved terms speak to Nortek's financial strength. The amended facility, combined with our strong cash flow, provides us with the necessary flexibility to continue the execution of our business strategy."

Nortek is a global, diversified industrial company whose many market-leading brands deliver broad capabilities and a wide array of innovative, technology-driven products and solutions for lifestyle improvement at home and at work. Nortek's broad array of offerings includes ventilation products such as range hoods and bathroom fans, security and audio/video solutions, heating and cooling products, air management systems, and ergonomic and productivity solutions.