Clarcor restates credit facility for $500 million increased revolver

By Marisa Wong

Morgantown, W.Va., Nov. 3 – Clarcor Inc. entered into an amended and restated credit agreement on Monday with Bank of America, NA as administrative agent, swingline lender and a letter-of-credit issuer to increase revolving commitments by $350 million to a total of $500 million, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and restates the company’s credit agreement dated April 5, 2012. Bank of America Merrill Lynch is the sole lead arranger and sole bookrunner.

The restated credit agreement also provides for a prepayment of the company’ term loan facility so that the repaid term loan will be in a principal amount not greater than $200 million.

In addition, the amendment extends the maturity date of the revolver and term loan to Nov. 1, 2020.

The revolver includes a sublimit of $50 million for letters of credit and a separate $50 million swingline sublimit. The revolver also includes an accordion feature allowing the company to increase the facility by a total of up to $100 million.

Loans bear interest at Libor plus an applicable margin based on the company’s consolidated leverage ratio. The margin ranges from 100 basis points to 150 bps.

The commitment fee ranges from 12 bps to 23 bps, also based on the consolidated leverage ratio.

Clarcor is based in Franklin, Tenn. It makes mobile, industrial and environmental filtration products and consumer and industrial packaging products.

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