AirBoss increases revolver to $250 million, extends maturity

By Marisa Wong

Los Angeles, Sept. 23 – AirBoss of America Corp. announced it updated its senior secured credit facilities with an expanded syndicate of major banks to increase the available size, extend the maturity date and provide for improved terms, lower pricing and increased flexibility.

Key changes include increasing revolving credit availability to $250 million from $150 million and the accordion to $75 million from $50 million, according to a press release.

The amendment eliminated the company’s amortizing term loan.

The maturity date is now Sept. 23, 2026, with no principal payments prior to then.

Financial covenants and conditions related to size of permitted acquisitions are now more flexible.

The increased facilities are intended to cover upfront working capital costs necessary to carry out the company’s existing and potential future contracts, as well as provide increased flexibility for inorganic growth strategies.

The expanded syndicate of lenders consists of Toronto-Dominion Bank as sole lead arranger, National Bank of Canada, Comerica Bank, JPMorgan, Bank of Montreal, Canadian Imperial Bank of Commerce and Royal Bank of Canada.

The developer and manufacturer of advanced custom rubber compounds and finished rubber products is based in Newmarket, Ont.

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