Cascade amends and extends $100 million revolving credit facility

By Aleesia Forni

Columbus, Ohio, Sept. 2 - Cascade Corp. amended and restated its revolving credit facility of up to $100 million, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the revolver ranges from Libor plus 100 basis points to 200 bps, depending on the company's leverage ratio. Initial pricing is Libor plus 100 bps.

The commitment fee ranges from 20 bps to 30 bps and is 20 bps initially.

Cascade may increase the facility by up to $50 million in increments of $5 million.

The maturity date is Aug. 29, 2016.

The amendment and restatement extends the maturity of the previous credit facility and reduces the size by $15 million.

Borrowings are available for working capital, capital expenditures and financing acquisitions.

The company must also maintain a leverage ratio of less than 3.00 to 1.00 and a fixed charged ratio of more than 1.5 to 1.0.

Merrill Lynch, Pierce, Fenner & Smith Inc. is sole lead arranger and sole book manager.

Bank of America NA is swing line lender, letter of credit issuer and agent. Union Bank NA is senior managing agent.

Cascade is a Fairview, Ore.-based producer of lift truck attachments, forks and accessories.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.