Gates Industrial amends loan facilities to adjust amounts, maturities

Chicago, Nov. 22 – Gates Industrial Corp. plc amended its credit agreement on Nov. 18, according to an 8-K filing with the Securities and Exchange Commission.

The fifth amendment raises the revolving credit facility to $250 million from $185 million.

The cash flow revolver has been extended to the earlier of Nov. 18, 2026 and 91 days before the maturity date of its euro-denominated term loans or dollar-denominated notes due January 2026 if more than $500 million is outstanding at such time.

The facility lists Credit Suisse AG, Cayman Islands as administrative agent and collateral agent.

Joint lead arrangers and joint bookrunners for the revolver are Credit Suisse Securities (USA) LLC, Citibank, NA, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc., Deutsche Bank Securities Inc., UBS Securities LLC and Macquarie Capital (USA) Inc.

Blackstone Holdings Finance Co. LLC is a co-manager.

Gates Industrial Canada Ltd. also amended and restated a credit agreement on Nov. 18. The agreement lists Citibank, NA as administrative agent and collateral agent.

The amendment reduces the asset-backed loan credit agreement to $250 million from $325 million and extends the maturity to Nov. 18, 2026 or the same springing maturity date listed above.

For the asset-based facility, Citigroup Global Markets Inc. is the lead arranger and bookrunner. Citibank, NA is the second restatement lead arranger and second restatement bookrunner.

Denver-based Gates manufactures industrial and automotive belts and hoses.

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