ESCO Technologies amended revolver has Libor spread of 87.5-160 bps

By Wendy Van Sickle

Columbus, Ohio, Dec. 23 – ESCO Technologies Inc.’s amended $450 million revolving credit facility will have a reduced margin over Libor ranging from 87.5 basis points to 160 bps, according to an 8-K filed with the Securities and Exchange Commission.

The reduced facility fee will range from 12.5 bps to 27.5 bps. Both the margin and facility fee depend on the company’s leverage ratio.

As previously reported, five-year agreement amends and restates the previous credit facility dated May 14, 2012.

The amendment also extends the maturity date to Dec. 21, 2020 from May 13, 2017.

The size of the revolver and a $250 million accordion feature remain the same.

Proceeds will be used for general corporate purposes, including working capital, research and development spending, capital expenditures and acquisitions.

The bank syndication is led by JPMorgan Chase Bank, NA as administrative agent.

St. Louis-based ESCO designs and manufactures filtration and fluid flow products, develops technologies to enhance utility performance and provides products for the detection, measurement and management of electromagnetic, magnetic and acoustic energy.

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