Albany International replaces facility with $330 million revolver

By Angela McDaniels

Tacoma, Wash., March 28 - Albany International Corp. closed a $330 million five-year multi-currency revolving credit facility on Tuesday, according to a Thursday 8-K filing with the Securities and Exchange Commission.

The new revolver replaced a $390 million five-year facility.

The company said spreads under the new revolver are lower than under the old revolver.

The initial interest rate is Libor plus 137.5 basis points, compared with Libor plus 225 bps under the old revolver. The spread over Libor ranges from 125 bps to 187.5 bps based on the company's leverage.

The initial commitment fee is 25 bps. It ranges from 22.5 bps to 30 bps.

The revolver has a $100 million accordion feature, a $50 million sublimit for letters of credit and a $25 million sublimit for swingline loans.

JPMorgan Chase Bank, NA is the administrative agent, JPMorgan Chase Bank, NA, Toronto Branch, is the Canadian agent, and J.P. Morgan Europe Ltd. is the London agent.

J.P. Morgan Securities Inc. and Bank of America Merrill Lynch acted as co-lead arrangers and joint bookrunners, and Bank of America, NA acted as syndication agent.

The other lenders are Bank of Tokyo - Mitsubishi UFJ Ltd. and Wells Fargo Bank, NA, who acted as documentation agents, as well as HSBC Bank USA NA, Nordea Bank Finland plc, RBS Citizens, NA and First Niagara Bank, NA.

The company said the new revolver contains affirmative covenants, negative covenants and events of default comparable to those in the old revolver.

Albany, N.Y.-based Albany International makes custom-designed fabrics and belts used in the production of paper and nonwovens and engineered composite parts for the aerospace industry.

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