Columbus McKinnon gets $275 million five-year term loan and revolver

By Susanna Moon

Chicago, Jan. 26 – Columbus McKinnon Corp. said it obtained a $125 million five-year delayed-draw senior secured term loan facility and a $150 million five-year senior secured revolving credit facility last Friday.

Interest on the loans will range from Libor plus 150 basis points to 275 bps based on leverage.

Proceeds will be used to redeem the company’s $150 million of 7 7/8% senior subordinated notes due 2019, announced Jan. 23, with the redemption date set for Feb. 23.

As previously announced, the redemption price will be $1,039.38 per $1,000 principal amount of notes plus interest up to but excluding the redemption date.

Columbus McKinnon makes hoists, cranes and other material-handling products and is based in Amherst, N.Y.

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