Oshkosh increases revolver to $1.55 billion via partial accordion

By Wendy Van Sickle

Columbus, Ohio, April 9 – Oshkosh Corp. entered into an amendment to its amended and restated credit agreement on April 3 to increase the maximum revolver amount to $1.55 billion from $1.1 billion, according to an 8-K filing with the Securities and Exchange Commission.

The increase was effected via a partial exercise of the $550 million accordion. Additionally, CDOR was replaced as an interest rate benchmark with a forward-looking term rate based on Corra, plus an interest period-specific adjustment of either 29.547 basis points or 32.138 bps plus a specified margin, for revolving loans denominated in Canadian dollars.

On the effective date of the amendment, there was about $13.7 million of letters of credit and $615 million of revolving loans outstanding under the credit agreement.

Bank of America, NA is the administrative agent.

Oshkosh is an Oshkosh, Wis.-based specialty vehicle and equipment company.

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