Woodward extends $1 billion revolving credit facility to June 2024

By Angela McDaniels

Tacoma, Wash., June 25 – Woodward, Inc. extended the termination date of its $1 billion revolving credit facility to June 19, 2024 from April 28, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The company amended and restated the credit agreement for the revolver on June 19.

Also under the amendment, the definition of “EBITDA” and the minimum consolidated net worth covenant were modified, subject to conforming changes to the company’s existing note purchase agreements. Details were not disclosed.

The credit agreement also contains a maximum leverage ratio covenant.

The interest rate is Libor plus a margin that ranges from 87.5 basis points to 175 bps.

Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA and U.S. Bank NA are the joint lead arrangers and bookrunners. Wells Fargo Bank, NA is the administrative agent. JPMorgan Chase Bank and U.S. Bank are co-syndication agents. Bank of America, NA, MUFG Bank, Ltd. and Branch Banking and Trust Co. 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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