Actuant to draw on revolver for Cortland purchase

By Sara Rosenberg

New York, Sept. 17 - Actuant Corp. plans on using borrowings under its revolving credit facility, along with cash, to fund the about $230 million acquisition of Cortland Cos. from Cortec Group, according to a news release.

The purchase is expected to close within 30 days, subject to customary regulatory approvals and closing condition.

Actuant is a Butler, Wis.-based diversified industrial company. Cortland is a Cortland, N.Y.-based designer, manufacturer and distributor of custom-engineered electro-mechanical cables and umbilicals, high performance synthetic ropes and value-added steel cable and assemblies.

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