GenCorp closes amended $300 million five-year revolver, term loan

By Susanna Moon

Chicago, June 2 - GenCorp Inc. said it obtained an amended and restated $300 million five-year credit facility, consisting of a $200 million revolving credit facility and a $100 million term loan.

Interest on the loans will be Libor plus 250 basis points with an unused fee of 50 bps and a fronting fee of 25 bps.

The facility is collateralized by a substantial portion of the company's personal property and other assets, including the stock and assets of its material domestic subsidiaries that are guarantors of the facility, and by certain real property located in Culpeper, Va., Redmond, Wash., and Los Angeles, according to a company press release.

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

The agreement also contains financial covenants.

The new facility amends the company's previous credit agreement and extends the maturity date to May 30, 2019.

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

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