Hillenbrand expands revolver to $900 million, extends maturity to 2022

By Marisa Wong

Morgantown, W.Va., Dec. 12 – Hillenbrand, Inc. entered into a second amended and restated credit agreement on Dec. 8 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and restates the company’s amended and restated credit agreement dated Nov. 19, 2012, which provided for a revolving credit facility totaling up to $700 million and a term loan in the original amount of $180 million.

The newly restated credit agreement increases the maximum principal amount available under the revolver to $900 million.

In connection with the amendment, the company repaid the existing term loan in full.

The amount available for borrowing under the credit agreement may be expanded, subject to lender approval, by an additional $450 million total.

The maturity date of the credit agreement was extended to Dec. 8, 2022.

In addition, the restated credit agreement gives the company more flexibility in, among other things, its financial covenants, its asset sale covenant and, specifically with respect to its non-U.S. subsidiaries, its debt covenant.

Hillenbrand is a diversified industrial company based in Batesville, Ind.

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