Albany International enters upsized $550 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, April 8 – Albany International Corp. entered into a $550 million unsecured five-year revolving credit facility agreement on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The new agreement amends and restates a $400 million five-year facility agreement dated June 18, 2015.

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

The initial interest rate is Libor plus 150 basis points. The spread over Libor ranges from 125 bps to 175 bps based on the company’s leverage, the same as under the previous agreement.

Agreements remain in effect from the previous revolver that fix Libor at 1.414% for $110 million to $120 million of borrowings through March 16, 2018 and 2.43% from that date through June 16, 2020. The current interest rate for the portion of debt covered by the swaps is 2.914%, while the rate for debt not covered by the swaps equals 1.95%.

The initial commitment fee is 27.5 bps. It ranges from 22.5 bps to 30 bps.

JPMorgan Chase Bank, NA is administrative agent.

JPMorgan, Bank of America Merrill Lynch and Wells Fargo Securities, LLC acted as joint bookrunners and were joined as co-lead arrangers by Bank of Tokyo-Mitsubishi UFJ, Ltd.

Bank of America, NA, Wells Fargo Bank, NA and Bank of Tokyo-Mitsubishi acted as syndication agents, and Branch Banking and Trust Co. and Citizens Bank, NA as co-documentation agents.

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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