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B/E Aerospace pays down bank loans with JPMorgan after Rockwell buyout
By Susanna Moon
Chicago, April 13 – B/E Aerospace, Inc. prepaid its debt under its credit agreement dated Dec. 16, 2014 with JPMorgan Chase Bank, NA as administrative agent.
The facility was terminated Thursday in connection with the acquisition of the company by Rockwell Collins, Inc. with B/E Aerospace continuing as the surviving corporation, according to an 8-K filing with the Securities and Exchange Commission.
As a result of the merger, B/E Aerospace became a wholly owned subsidiary of Rockwell Collins.
There were no early termination penalties incurred, but the company may be required to reimburse lenders for Libor breakage costs, the company noted.
As reported Oct. 24, 2016, Rockwell Collins had planned to obtain a $1.5 billion three-year prepayable term loan to finance the acquisition of B/E Aerospace, a manufacturer of aircraft cabin interior products, for $8.3 billion, including about $6.4 billion in cash and stock plus the assumption of $1.9 billion of net debt.
The company said at the time that it planned to repay the new loan rapidly in order to maintain its investment-grade rating and cash flow.
Rockwell Collins is a communications and aviation electronics company based in Cedar Rapids, Iowa.
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