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Modine gets $175 million amended and restated revolver
By Sara Rosenberg
New York, July 22 - Modine Manufacturing Co. closed on a $175 million amended and restated three-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
JPMorgan acted as the lead arranger, bookrunner and agent on the deal that was completed on July 18.
Pricing on the revolver can range from Libor plus 75 basis points to 175 bps and the unused fee can range from 15 bps to 30 bps, based on leverage. Initial pricing on the revolver is Libor plus 150 bps with a 25 bps unused fee.
There is a $75 million accordion feature.
Financial covenants include a leverage ratio of 3.00 to 1.00 and an interest expense coverage ratio of 2.00 to 1.00 at June 30, 1.75 to 1.00 at Sept. 30 and Dec. 31, 2.25 to 1.00 at March 31, 2009 and June 30, 2009, and 2.50 to 1.00 at Sept. 30, 2009 and thereafter.
The new facility replaced the company's $200 million revolver and will be used for general corporate purposes and to refinance existing debt.
Modine is a Racine, Wis.-based developer manufacturer and marketer of thermal management products, components and systems.
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