Flowserve amends loan to increase revolving facility to $1 billion

By Jennifer Chiou

New York, Oct. 8 - Flowserve Corp. entered into on Oct. 4 an amendment to its credit agreement with Bank of America, NA as administrative agent, lifting the revolving credit facility to $1 billion from $850 million, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date was extended to Oct. 4, 2018 from Aug. 20, 2017.

The changes also include the addition of a $150 million sublimit for financial standby letters of credit while maintaining a $300 million sublimit for commercial letters of credit as well as additional lenders.

The company may increase the term loan facility or the revolving credit facility by $400 million, up from $250 million.

Flowserve is an Irving, Texas-based provider of flow control products and services for the infrastructure markets.

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