Albany to draw under revolver to finance aero structures division buy

By Tali Rackner

Norfolk, Va., Feb. 29 – Albany International Corp. plans to use its revolving credit facility and existing cash on hand to finance its $210 million acquisition of Harris Corp.’s composite aero-structures division, according to a press release.

Harris had acquired the division through its 2015 acquisition of Exelis Inc.

Albany expects to create additional borrowing capacity by increasing its existing revolving credit facility to $550 million from $400 million prior to the closing of the transaction; terms of the new credit facility are expected to be similar to the terms of the current facility.

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. Harris is a telecommunications equipment company based in Melbourne, Fla.

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