Columbus McKinnon gets $75 million revolver

By Sara Rosenberg

New York, March 16 - Columbus McKinnon Corp. closed on a new $75 million senior revolving credit facility due February 2010, according to a company news release.

Borrowings under the revolver carry an initial interest rate of Libor plus 100 basis points, but pricing can vary between Libor plus 87.5 to 175 bps depending on leverage.

There is a $50 million accordion feature.

The maturity date can be extended to February 2011 if the company's 10% senior secured notes are repaid or extended by February 2010.

Security is all domestic inventory, receivables, equipment, real property, subsidiary stock (limited to 65% for foreign subsidiaries) and intellectual property.

Proceeds will be used to refinance existing or future debt, for working capital and for acquisitions.

The new revolver replaces the company's previous $65 million facility.

Columbus McKinnon is an Amherst, N.Y.-based designer and manufacturer of material handling products, systems and services, which efficiently and ergonomically move, lift, position or secure material.

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