Woodward closes $200 million line of credit at Libor plus 87 bps

By Susanna Moon

Chicago, Dec. 31 - Woodward, Inc. obtained a $200 million line of credit at Libor plus 87 basis points to finance the purchase of hydraulic thrust reverser actuation systems from GE Aviation Systems LLC.

The line of credit will mature on Dec. 20, 2013, and the company cannot repay the debt before Jan. 28, 2013.

The company entered into the uncommitted line of credit for a short-term unsecured loan on Dec. 21 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Woodward acquired substantially all of the assets and some liabilities related to the hydraulic thrust reverser actuation systems business located in Duarte, Calif., for about $200 million in cash.

The acquisition closed on Dec. 28.

The Fort Collins, Colo.-based company, formerly Woodward Governor Co., is a designer, manufacturer and service provider of control products for the aerospace and energy markets.

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