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Chart Industries raises revolver leverage covenant after acquisition
By Sarah Lizee
Olympia, Wash., Sept. 21 – Chart Industries, Inc. entered into an amendment to adjust the leverage ratio covenant in its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
The amendment, completed on Sept. 19, excludes the acquisition of Hudson Products Corp. from the pro forma leverage ratio requirement of the facility. Concurrently, Chart exercised its right to elect to an increase in the maximum permissible leverage ratio to 3.75 for the four fiscal-quarter period ending Sept. 30, 2018.
The acquisition purchase price was $410 million of which about $250 million of the purchase price funded through borrowings under Chart’s senior secured revolving credit facility. The remainder of the transaction was funded with cash on hand.
Garfield Heights, Ohio-based Chart Industries is a manufacturer of highly engineered equipment used in the production, distribution, storage and end-use of hydrocarbon and industrial gases.
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