Chart Industries increases multicurrency revolver to $550 million

By Sarah Lizee

Olympia, Wash., Oct. 26 – Chart Industries, Inc. and subsidiaries Chart Industries Luxembourg Sarl and Chart Asia Investment Co. Ltd. amended their credit agreement on Friday with JPMorgan Chase Bank, NA as administrative agent to increase the multicurrency revolving credit facility capacity to $550 million from $450 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also permits the disposition by the company or one or more of its subsidiaries of its oxygen-related products business and permits the acquisition of VRV SpA.

Also, the maximum leverage ratio was increased to no greater than 4.5 to 1 for the fiscal quarter ending on Dec. 31, with the ratio stepping down over five quarters until it reaches 3.5 to 1 for each period ending on or after March 31, 2020.

The company said it anticipates that it will use some combination of cash on hand and availability under the amended credit facility to fund the VRV acquisition.

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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