Actuant increases term loan to $400 million

New York, Feb. 23 - Actuant Corp. said it amended its credit agreement to increase the term loan to $400 million from $250 million.

The changes also eliminate amortization of the loan, giving it a bullet maturity on Dec. 22, 2009.

In addition, the company has a $200 million accordion option, which can be spread across the term loan and the $250 million revolver that is also part of the facility.

Proceeds from the extra term loan were used to repay revolver borrowings and commercial paper, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is administrative agent.

The amendment was completed on Feb. 16.

Actuant is a Butler, Wis.-based diversified industrial company.

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