Wabtec closes $1.2 billion revolver, $400 million term loan agreement

By Tali Rackner

Norfolk, Va., June 23 – Wabtec Corp. signed a new $1.6 billion bank agreement that includes a $1.2 billion five-year revolving credit facility and a $400 million three-year term loan, according to a press release.

PNC Bank, NA is the administrative agent. PNC Capital Markets LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; JPMorgan Chase Bank, NA; HSBC Bank USA, NA; and Societe Generale are joint lead arrangers and bookrunners.

The revolver replaces the previous $800 million revolver.

“This new agreement provides financing for our planned acquisition of Faiveley Transport, which we expect to close in the fourth quarter, and for continued investment in Wabtec’s global growth initiatives, including other acquisitions,” senior vice president and chief financial officer Patrick D. Dugan said in the release.

“We appreciate the strong support of our banks and value their confidence.”

Wabtec is a Wilmerding, Pa.-based maker of railroad equipment.

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