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Albany replaces $330 million revolver with $400 million revolver
By Angela McDaniels
Tacoma, Wash., June 24 – Albany International Corp. entered into a $400 million five-year revolving credit facility on June 18, according to an 8-K filing with the Securities and Exchange Commission.
The new revolver replaced a $330 million five-year facility revolver due to expire in 2018.
The revolver continues to have a $100 million accordion feature, a $50 million sublimit for letters of credit and a $25 million sublimit for swingline loans.
Borrowings under the new revolver are guaranteed by some of the company’s subsidiaries, including all significant U.S. subsidiaries, as were borrowings under the old revolver.
The initial interest rate is Libor plus 137.5 basis points, the same as the under the old revolver.
The margin over Libor ranges from 125 bps to 175 bps, depending on the company’s leverage ratio. The margin on the old revolver ranged from 125 bps to 187.5 bps.
On March 26, 2013, the company entered into interest-rate hedging transactions that fix the Libor portion of the interest rate on $110 million of the debt drawn under the old revolver at 1.414% until March 16, 2018. These hedging agreements remain in effect for debt drawn under the new revolver. As of June 18, the effective annual interest rate is 2.79%.
JPMorgan Chase Bank, NA is the administrative agent. J.P. Morgan Securities LLC and BofA Merrill Lynch acted as co-lead arrangers and joint bookrunners. The other lenders participating in the new revolver are Bank of America, NA, who acted as syndication agent; Bank of Tokyo – Mitsubishi UFJ, Ltd. and Wells Fargo Bank, NA, who acted as documentation agents; and Branch Banking and Trust Co., TD Bank, NA, HSBC Bank USA NA, Nordea Bank Finland plc, New York Branch, Citizens Bank, NA and First Niagara Bank, NA.
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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