Altra Holdings completes $300 million five-year credit facility

By Sara Rosenberg

New York, Nov. 20 - Altra Holdings Inc. closed on Tuesday on a $300 million five-year credit facility that has pricing that can range from Libor plus 137.5 basis points to 187.5 bps, according to an 8-K filed with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and KeyBanc Capital Markets Inc. acted as the joint lead arrangers and joint bookrunners on the deal.

The facility consists of a $100 million term loan and a $200 million revolver.

There is a $150 million accordion feature.

Covenants include leverage and interest coverage ratios and maximum annual capital expenditures.

Proceeds were used to redeem 8 1/8% senior secured notes due 2016 and are available for general corporate purposes.

Altra is a Braintree, Mass.-based supplier of electromechanical power transmission and motion control products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.