Albany International enters upsized $685 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Albany International Corp. entered into a $685 million unsecured five-year revolving credit facility agreement on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The new agreement amends and restates a $550 million five-year facility agreement dated April 8, 2016.

The revolver has a $100 million accordion feature.

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 1.245% for $300 million of borrowings through March 16, 2021.

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, Wells Fargo Securities, LLC and MUFG acted as joint bookrunners and co-lead arrangers.

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

Proceeds may be used for general corporate purposes.

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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