Kaman amends terms of existing credit agreement for Parker purchase

Chicago, May 31 – Kaman Corp. entered into an amendment to its second amended and restated credit guaranty agreement from Dec. 13, 2019 to prepare for the company’s previously announced acquisition of Parker-Hannifin Corp.’s aircraft wheel & brake division, according to an 8-K filing with the Securities and Exchange Commission.

The amendment adjusts the total net leverage ratio financial covenant both before and after the consummation of the transaction. It also adjusts the definitions of “permitted acquisition” and “pro forma.”

Additionally, the amendment adjusts the “limited condition acquisition” provisions to allow the company to elect to test compliance with certain conditions to the consummation of an acquisition.

JPMorgan Chase Bank, NA is the administrative agent.

Kaman is a Bloomfield, Conn.-based provider of products and systems related to bearings, mechanical and electrical power transmission, automation & control, material handling, and fluid power for the MRO and OEM markets.

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