Wabtec enters into $800 million five-year revolving credit facility

By Tali David

Minneapolis, Dec. 20 - Westinghouse Air Brake Technologies Corp. (Wabtec) entered into an amended and restated $800 million revolving credit facility on Thursday that includes a letter-of-credit subfacility of up to $125 million and a swingline subfacility of $30 million, according to an 8-K filed with the Securities and Exchange Commission.

The facility matures on Dec. 19, 2018 and is unsecured.

Borrowings bear interest based on the company's leverage ratio and range from Libor plus 70 basis points to 175 bps.

The facility contains an accordion feature allowing the company to request increases to the borrowing commitments under the revolving credit facility of up to $400 million.

PNC Bank, NA is the administrative agent, PNC Capital Markets LLC and J.P. Morgan Securities LLC are joint lead arrangers and joint bookrunners, JPMorgan Chase Bank, NA is the syndication agent and Citizens Bank of Pennsylvania, Bank of America, NA, Branch Banking and Trust Co. and Bank of Tokyo-Mitsubishi UFJ, Ltd. are co-documentation agents on the deal.

Wabtec is a Wilmerding, Pa.-based maker of railroad equipment.

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