Clarcor gets $100 million of term loans due 2017 at Libor plus 75 bps

By Susanna Moon

Chicago, Nov. 22 - Clarcor Inc. obtained $100 million of term loans due April 5, 2017 at Libor plus 75 basis points.

The spread on term loans ranges from Libor 75 bps to 130 bps, based on leverage.

The company entered into the amended credit agreement on Friday with Bank of America Merrill Lynch as the lead arranger and book manager, according to an 8-K filing made with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer.

Proceeds of the term loan were advanced on Nov. 22 and will be used to help fund the purchase of the air filtration business of General Electric Co.'s power and water division in the fourth quarter and for other corporate purposes.

The term loans are unsecured but guaranteed substantially by all of the company's material domestic subsidiaries.

Clarcor is based in Franklin, Tenn. It makes mobile, industrial and environmental filtration products and consumer and industrial packaging products.

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