GenCorp closes $100 million subordinated delayed draw term loan

By Susanna Moon

Chicago, April 21 - GenCorp Inc. entered into a $100 million subordinated delayed draw term loan credit facility on April 18, according to an 8-K filing with the Securities and Exchange Commission.

Interest will be set at the greater of Libor and 1% per year plus 850 basis points.

The Bank of New York Mellon is the administrative agent.

Proceeds will be used for a variety of purposes, which may include refinancing debt, repurchasing common equity, for working capital and for general corporate purposes.

The company may prepay debt at any time, in whole or in part, in general without premium or penalty.

The agreement contains limitations including the ability to incur additional debt, make investments and acquisitions and make restricted payments, including stock repurchases and dividends.

GenCorp is a technology-based manufacturer of aerospace and defense products and systems. It is based in Sacramento, Calif.

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