SPS Technologies obtains new $130 million revolver

By Sara Rosenberg

New York, June 25 - SPS Technologies Inc. said it obtained a new $130 million three-year unsecured revolving credit facility. PNC Bank NA led the syndicate and acted as agent and Allfirst Bank was co-agent.

The interest rate on the revolver varies depending on the ratio of debt to total capitalization and can range from Libor plus 100 to 150 basis points, according to a company spokesperson. There is also an unused fee that can range from 20 to 32.5 basis points.

The revolver replaces the company's two previous revolvers, one of which was set to mature on June 30, 2002, the company said in a news release. Besides refinancing, proceeds will also be used for general corporate purposes.

SPS is a Jenkintown, Pa. designer, manufacturer and marketer of fasteners, specialty metals, magnetic products, aerospace structures and precision tools.

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