Albany International enters $800 million five-year revolver

By Marisa Wong

Los Angeles, Aug. 16 – Albany International Corp. entered into an $800 million unsecured five-year revolving credit facility agreement on Aug. 16, according to an 8-K filing with the Securities and Exchange Commission.

Albany International Holding (Switzerland) AG, Albany International Europe GmbH and Albany International Canada Corp. are borrowers.

The credit agreement amends and restates the company’s prior amended and restated $700 million four-year revolving credit agreement entered into on Oct. 27, 2020.

The new agreement matures on Aug. 16, 2028.

Borrowings will bear interest at term SOFR plus a spread ranging from 150 basis points to 200 bps, based on the company’s leverage ratio.

JPMorgan Chase Bank, NA is administrative agent and a lender. JPMorgan, BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, NA and Truist Securities, Inc. acted as co-lead arrangers and joint bookrunners. Bank of America, NA, Wells Fargo Bank, NA, Capital One and Truist Bank acted as co-syndication agents and are each a lender. Documentation agents TD Bank, NA and PNC Bank, NA are also participating lenders, as well as HSBC Bank USA, NA and Nordea Bank Abp, New York Branch.

Albany International is a Rochester, N.H.-based developer and manufacturer of engineered components.

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