Andrew obtains $160 million revolver

By Sara Rosenberg

New York, Jan. 8 - Andrew Corp. obtained a new $160 million three-year unsecured revolving credit facility. Bank of America is the lead arranger and administrative agent, LaSalle Bank is the syndication agent and U.S. Bank is the documentation agent.

Harris Trust and Savings Bank, National City Bank, The Northern Trust Co., Fifth Third Bank, Bank of Tokyo-Mitsubishi, Ltd. and Morgan Stanley Bank all participated in the syndicate as well.

The interest rate on the revolver is based on total debt to EBITDA and can range from Libor plus 112.5 basis points to Libor plus 200 basis points, a company spokesman told Prospect News. The initial interest rate on the loan is Libor plus 150 basis points, he added.

Originally, the facility was expected to be sized at $150 million, but due to oversubscription it was upsized by $10 million, according to a news release.

"We are very pleased with the support of Andrew shown by our lender group. We work closely with this group in many of our international activities in addition to this credit agreement and they are key partners in the continued success of the company," said Floyd L. English, chairman and chief executive officer in a news release.

Andrew is an Orland Park, Ill. supplier of communications products and systems to worldwide commercial, industrial and governmental customers.

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