Kadant extends $100 million note purchase agreement with Prudential

By Lisa Kerner

Charlotte, N.C., Aug. 8 - Kadant Inc. extended its $100 million multi-currency note purchase and private shelf agreement with Prudential Capital Group for an additional three-year term.

The agreement allows Kadant to authorize the issuance of up to $100 million, including the equivalent of $75 million in other currencies, principal amount of senior notes with tenors of up to 12 years.

Kadant said it would use proceeds from any borrowings made under the agreement for acquisitions, stock buybacks, debt refinancing or other corporate purposes.

The covenants and some restrictions of the agreement are substantively equivalent to those contained in Kadant's credit agreement dated Feb. 13, 2008, including financial covenants that limit consolidated leverage to 3.5 times EBITDA, according to a company news release.

Kadant is a Westford, Mass.-based supplier to the pulp and paper industry.

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