Kadant amends $100 million multi-currency note and shelf agreement

By Toni Weeks

San Diego, Aug. 3 - Kadant Inc. amended its uncommitted $100 million multi-currency note purchase and private shelf agreement with Prudential Capital Group, according to an 8-K filing with the Securities and Exchange Commission.

Under the terms of the agreement, Kadant may issue up to $100 million of senior promissory notes, of which up to the equivalent of $75 million may be in other currencies, subject to acceptance by Prudential. The term for any issuance of the promissory notes may not exceed 12 years.

The amendments altered covenants and some restrictions in order to conform to the terms for the company's new $100 million five-year revolving credit facility, which was arranged on Friday with RBS Citizens, NA as administrative agent and multi-currency administrative agent.

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

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