Mayville Engineering gets amended, restated $200 million revolver

By Sarah Lizee

Olympia, Wash., Oct. 2 – Mayville Engineering Co., Inc. entered on Sept. 26 into an amended and restated credit agreement with Wells Fargo Bank, NA as administrative agent, providing for a $200 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo is the lead arranger and bookrunner.

The revolver has a letter-of-credit sub-facility of up to $5 million and a swingline facility of $20 million.

The revolver matures Sept. 26, 2024.

Borrowings bear interest at Libor plus 100 basis points to 200 bps, based on the company’s consolidated total leverage ratio. Interest is initially Libor plus 150 bps.

There is a 20-bps commitment fee on the average daily unused portion of the aggregate unused revolving commitments.

The credit agreement requires the company to satisfy financial covenants, including a minimum interest coverage ratio of 3 to 1 and a consolidated total leverage ratio not to exceed 3.25 to 1, although the leverage ratio can be increased in connection with some acquisitions.

The Mayville, Wis.-based company provides metal fabricating services.

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