Actuant gets new $250 million revolver

By Sara Rosenberg

New York, Feb. 19 - Actuant Corp. closed on a new $250 million five-year senior revolver that was used to replace its existing senior secured credit facility comprised of a $30 million term loan and an undrawn $100 million revolver.

The new revolver carries an initial interest rate of Libor plus 150 basis points, compared to the Libor plus 200 basis points pricing on the previous credit facility, according to a company news release.

"Securing a new senior credit facility was one of the last steps in replacing the company's original spin-off financing. This past fall, we successfully replaced a portion of our 13% senior subordinated notes with proceeds from the issuance of 2% senior subordinated convertible debentures," said Andrew G. Lampereur, chief financial officer, in the release.

"The improved terms and structure of the new senior revolver result from the company's significant deleveraging since the spin-off, and the increased capacity provides strong liquidity as we move forward in executing our growth strategies to enhance shareholder value."

Actuant is a Milwaukee manufacturer and marketer of a range of industrial products and systems.

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