Northwest Pipe cuts rate on five-year revolver, amends private shelf

By Susanna Moon

Chicago, Oct. 29 - Northwest Pipe Co. reduced interest rates on its $165 million five-year facility for revolving loans, swingline loans and letters of credit to Libor plus 200 basis points based on leverage.

The company amended its credit agreement with Bank of America Merrill Lynch as lead arranger and book manager on Oct. 24, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer. Union Bank, NA and U.S. Bank NA are the co-documentation agents.

The Libor spread on loans ranges from 175 bps to 275 bps. The commitment fee is 25 bps to 40 bps.

The amended agreement will expire on Oct. 24, 2017.

Private shelf

The company also amended its note purchase and private shelf agreement with Prudential Investment Management, Prudential Retirement Insurance and Annuity Co. and Prudential Insurance Co. of America on Oct. 24.

The amendments reflect changes made to conform to the amended credit agreement and the amended Prudential note agreement, the SEC filing noted.

Northwest Pipe is a Vancouver, Wash.-based manufacturer of welded steel pipe.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.