Hardinge gets $91.6 million amended and restated credit facility

By Sara Rosenberg

New York, Nov. 28 - Hardinge Inc. closed on a $91.6 million amended and restated credit facility due January 2011, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Manufacturers and Traders Trust Co. acted as agent and lead arranger on the deal, JPMorgan acted as syndication agent and KeyBank acted as documentation agent.

The facility consists of a $70 million revolver and a $21.6 million term loan.

Pricing on the facility can range from Libor plus 100 to 200 basis points, depending on leverage, with the initial rate set at Libor plus 175 bps.

The amended facility, which was completed on Nov. 21, restructured certain bridge loans, which were due to mature at the end of this year into revolver borrowings, increased the overall credit limit by $10 million and lowered borrowing costs.

Hardinge is an Elmira, N.Y.-based producer of advanced material-cutting products.

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