Mine Safety's new parent enters $300 million restated revolver

By Marisa Wong

Madison, Wis., March 7 - MSA Safety Inc. entered into a first amended and restated credit agreement on Friday to assume Mine Safety Appliances Co.'s obligations under its existing revolving credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

Following reorganization, Mine Safety became a wholly owned subsidiary of MSA Safety.

The credit agreement provides for a $300 million senior revolving credit facility due March 2019 that includes sublimits for the issuance of letters of credit, swingline borrowings and foreign currency denominated borrowings.

The company may request increases in total commitments of up to an additional $150 million.

Loans will bear interest at Libor plus a margin ranging from 75 basis points to 175 bps, depending on MSA Safety's leverage ratio.

The credit agreement requires the company to comply with some financial covenants, including maintaining a minimum fixed charges coverage ratio of not less than 1.50 to 1.00 and a consolidated leverage ratio not exceeding 3.25 to 1.00, in each case calculated based on the trailing four fiscal quarters.

PNC Bank, NA is the administrative agent for the amended and restated credit agreement.

Based in Cranberry Township, Pa., MSA develops, manufactures and supplies safety products.

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