Tennant pays $23 million of $388 million debt, more paydowns expected

By Devika Patel

Knoxville, Tenn., Nov. 30 – Tennant Co. plans to keep paying down its debt in the fourth quarter, having paid $23 million of its $388 million of debt in the third quarter.

“Right now with our debt, we are now a little bit over $388 million in debt,” senior vice president and chief financial officer Tom Paulson said at the Bank of America Merrill Lynch 2017 Leveraged Finance Conference in Boca Raton, Fla., on Thursday.

“We did pay down $23 million of that in Q3, so we’re a bit ahead of schedule.

“We anticipate that we’ll have an equal level of paydown or more in Q4,” Paulson said.

The company had EBITDA of $28 million in the quarter, a 35% increase over the prior year.

Minneapolis-based Tennant designs, manufactures and markets cleaning and resurfacing products and technologies.

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