Kaman draws down $200 million under revolving facility

By Wendy Van Sickle

Columbus, Ohio, March 25 – Kaman Corp. borrowed $200 million under its $800 million revolving credit facility on March 19, according to an 8-K filing with the Securities and Exchange Commission.

The company said the borrowings will provide additional financial flexibility and readily accessible liquidity during the Covid-19 outbreak.

With the proceeds from the borrowing, Kaman has more than $270 million in cash and does not intend to use the proceeds in the near term.

Proceeds of the borrowing are being held in cash on the company’s balance sheet and, if needed, may later be used for working capital, ongoing operating needs and general corporate purposes.

The revolver matures on Dec. 13, 2024. JPMorgan Chase Bank, NA is the administrative agent.

Based in Bloomfield, Conn., Kaman makes proprietary aircraft bearings and components.

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