Altra to repay $35 million under its $300 million five-year revolver

By Sarah Lizee

Olympia, Wash., May 29 – Altra Industrial Motion Corp. provided notice to its administrative agent on Wednesday to repay $35 million under $300 million five-year revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement also provides for a $1.34 billion seven-year senior secured term loan.

The company had previously provided notice to the administrative agent on March 9 and March 16 to draw down $50 million and $50 million, respectively, under the revolver. At that time, the company had increased its borrowings under the revolver as a precautionary action in order to increase its cash position and enhance its financial flexibility during this period of uncertainty in the global markets resulting from the Covid-19 pandemic.

On April 16 and April 27, the company repaid $50 million and $15 million outstanding under the revolver, respectively.

Following Wednesday’s repayment instructions, the company will have repaid all borrowings outstanding under the revolver.

The company said it could make further borrowings, and had about $295.6 million available to borrow under the revolver as of Wednesday.

Altra is a Braintree, Mass.-based designer, producer and marketer of a wide range of electromechanical power transmission and motion-control products.

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