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Woodward extends $1 billion revolving credit facility to October 2027
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Woodward, Inc. extended the termination date of its $1 billion revolving credit facility to Oct. 21, 2027 from June 19, 2024, according to an 8-K filing with the Securities and Exchange Commission.
The company amended and restated the credit agreement for the revolver on Oct. 21, also removing the covenants restricting investments, acquisitions, dividends and distributions and the minimum consolidated net worth covenant.
The interest rate is SOFR plus a margin that ranges from 87.5 basis points to 175 bps.
The credit agreement also contains a maximum leverage ratio covenant.
Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA and Truist Securities, Inc. are the joint lead arrangers and bookrunners. Wells Fargo Bank, NA is the administrative agent. JPMorgan Chase Bank and Truist are co-syndication agents. Bank of America, NA, Citibank, NA, HSBC Bank USA, NA and TD Securities (USA) LLC are the co-documentation agents.
Fort Collins, Colo.-based Woodward is a designer, manufacturer and service provider of control products for the aerospace and energy markets.
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