Columbus McKinnon draws, gets additional proceeds under revolver

By Marisa Wong

Morgantown, W.Va., Sept. 2 – Columbus McKinnon Corp. used proceeds from borrowings under its existing credit facility and $75 million of additional borrowings under an amendment to the existing facility to fund its acquisition of Magnetek, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The amendment providing for the new commitments was completed on Wednesday. The incremental revolver was announced in July.

The company had entered into the credit facility on Jan. 23, 2015 with JPMorgan Chase Bank, NA as administrative agent.

Columbus McKinnon is an Amherst, N.Y.-based designer, manufacturer and marketer of material handling products. Magnetek is a Menomonee Falls, Wis.-based provider of digital power and motion control systems used in overhead material handling, elevator, and mining applications.

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