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Kaman gets $500 million five-year facility with $200 million accordion
By Toni Weeks
San Diego, Nov 20 - Kaman Corp. closed on a new $500 million five-year credit facility, replacing its existing $317.5 million credit facility.
The new facility consists of a $400 million revolving credit facility and a $100 million term loan. The agreement includes a $200 million accordion feature, which, with lender commitment, could boost the revolver and term loan by $100 million each.
The facility initially bears interest at Libor plus 150 basis points. The new interest rate reflects a 12.5 bps reduction in borrowing costs, according to a press release.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch and RBS Citizens, NA are the bookrunners and lead arrangers.
JPMorgan Chase Bank, NA is the administrative agent, and Bank of America, NA and RBS Citizens are co-syndications agents.
SunTrust Bank, KeyBank NA, TD Bank, NA, Branch Banking & Trust Co. and Fifth Third Bank are co-documentation agents. Additional lenders include Northern Trust Co., PNC Bank, NA, UBS AG, U.S. Bank NA and Webster Bank, NA.
Bloomfield, Conn-based Kaman produces and markets products for the aerospace and industrial markets.
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