ESCO Technologies gets commitment for $500 million extended revolver

By Marisa Wong

Los Angeles, Sept. 30 – ESCO Technologies Inc. said it has finalized a commitment with its lenders to enter into a new $500 million extended and increased credit facility.

The new five-year agreement replaces ESCO’s previous credit facility dated Dec. 21, 2015, extending the maturity date through Sept. 27, 2024, and lowers the total costs by reducing the outstanding borrowing rates and commitment fees, according to a news release.

The new facility includes a $500 million revolving line of credit, increased from $450 million. The facility also allows for the increase of the commitment amount by an additional $250 million.

The bank syndicate is comprised of eight banks led by JPMorgan Chase Bank, NA as administrative agent and BMO Harris Bank, NA as syndication agent.

Loan proceeds will be used to provide liquidity for general corporate purposes, including working capital, research and development spending, capital expenditures and acquisitions.

Based in St. Louis, ESCO manufactures highly engineered products for aviation, navy, space and process markets and makes composite-based products and provides services for navy, defense and industrial customers.

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