Actuant refinances part of senior secured facility

By Sara Rosenberg

New York, May 23 - Actuant Corp. completed refinancing a portion of its senior secured credit facility Thursday. The company obtained a new $85 million term A to replace its $40 million outstanding term B. The $45 million of extra funding was used to reduce borrowings under the company's existing revolver, a company press release said.

The new term A matures in June 2006 and has an interest rate of Libor plus 250 basis points, the release said. As a result of the refinancing, the company will realize annual interest expense savings of about $600,000.

"The refinancing is consistent with our efforts to reduce borrowing costs while increasing operating flexibility," said Andrew Lampereur, chief financial officer, in the news release. "We appreciate the strong support provided by our lenders as we have executed our deleveraging strategy. This refinancing was made possible by the significant deleveraging by Actuant."

There were no changes made to the Milwaukee, Wis. industrial company's existing $100 million revolver.

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