Lufkin amends and restates revolver, revising maturity and size

By Sara Rosenberg

New York, Jan. 4 - Lufkin Industries Inc. amended and restated its revolving credit facility, extending the maturity date to Dec. 31, 2013 and increasing the size to $80 million, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Also, pricing was changed to a range of Libor plus 150 basis points to 225 bps and the commitment fee to a range of 20 bps to 35 bps, based on leverage.

In addition, the amendment provides for a $120 million accordion feature.

JPMorgan is the administrative agent on the deal that was completed on Dec. 31.

Lufkin Industries is a Lufkin, Texas-based manufacturer and seller of oil field pumping units and power transmission products.

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