Tennant to refinance acquisition term loan with sale of senior notes

By Wendy Van Sickle

Columbus, Ohio, April 7 – Tennant Co. plans to refinance a term loan used in its acquisition of IP Cleaning SpA with proceeds of a $300 million offering of eight-year senior notes, according to a news release.

The company entered into a five-year credit agreement on Tuesday, providing for a $400 million multi-tranche term loan facility as well as a $200 million revolving facility via JPMorgan Chase Bank, NA and Goldman Sachs Bank USA.

The term loans and up to $50 million of the revolver were to be used for Tennant’s acquisition of IP Cleaning for around $350 million in cash, as previously reported. The acquisition closed on Thursday.

Tennant designs, manufactures and markets cleaning and resurfacing products and technologies. Based in Venice, IP Cleaning produces cleaning machines and equipment.

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