Kaman closes on $700 million restated credit facility due 2020

By Marisa Wong

Madison, Wis., May 6 – Kaman Corp. said it closed on an amended and restated $700 million credit facility on Wednesday.

The credit facility amends and restates the company’s prior credit facility to, among other things, extend the maturity date to May 2020, increase the aggregate amount of revolving commitments to $600 million from $400 million, reinstate the aggregate amount of outstanding term loans to $100 million and modify pricing and covenants.

The facility includes an accordion feature allowing the company to increase the aggregate amount available to up to $900 million.

“The amended and restated credit facility provides us with increased flexibility and liquidity to execute our growth strategy. We are pleased with the strong support of our lenders, all of whom have renewed their commitments to Kaman,” senior vice president and chief financial officer Robert D. Starr said in a press release.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Citizens Bank, NA were the joint bookrunners and joint lead arrangers.

Kaman is a Bloomfield, Conn.-based distributor of industrial parts to aerospace and other markets.

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