Lincoln Electric gets expanded $300 million five-year revolving loan

By Susanna Moon

Chicago, July 31 - Lincoln Electric Holdings, Inc. closed a $300 million five-year revolving credit facility at Libor plus 75 basis points, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans will range from 75 bps to 152.50 bps based on leverage. The facility fee is 10 bps initially, with the margin from 10 bps to 22.5 bps.

Lincoln Electric Holdings, Lincoln Electric Co., Lincoln Electric International Holding Co., J.W. Harris Co., Inc. and other domestic subsidiaries signed a credit agreement on July 26 with KeyBank NA as the administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility may be extended and increased by up to $100 million.

The new agreement amends and restates the company's $150 million revolving credit facility that was set to end in November.

There was no debt outstanding under the old facility.

Cleveland-based Lincoln Electric is a manufacturer of welding, cutting and brazing products.

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