EnerSys refinances with $600 million revolver, $150 million term loan

By Wendy Van Sickle

Columbus, Ohio, Aug. 9 – EnerSys entered into a new credit agreement providing for a senior secured $600 million revolving credit agreement and a $150 million senior secured term loan on Aug. 4, according to an 8-K filing with the Securities and Exchange Commission.

The company may add up to $325 million of incremental revolving and term loan facilities.

Borrowings bear interest at Libor plus a margin ranging from 125 basis points to 200 bps, depending on EnerSys’ consolidated total net leverage ratio.

Bank of America, NA is the administrative agent.

The credit agreement refinances the company’s credit agreement dated March 29, 2011 with Bank of America Merrill Lynch as agent.

At closing, the company borrowed $150 million under the term loan facility and $214 million under the revolver.

Proceeds were used to repay the existing credit agreement.

EnerSys makes industrial batteries and is based in Reading, Pa.

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