Curtiss-Wright gets increased $750 million five-year revolver

By Marisa Wong

Los Angeles, May 18 – Curtiss-Wright Corp. entered into a new revolving credit agreement on May 17 for an increased $750 million revolver with an expanded accordion feature of $250 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a five-year term set to mature in May 2027.

The new facility replaces the company’s $500 million five-year credit facility dated Oct. 17, 2018. The prior facility, which was set to expire in October 2023, has been terminated.

The new agreement provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.

Pricing is based on the company’s consolidated leverage ratio. The applicable margin for term benchmark loans ranges from 67.5 basis points to 122.5 bps. Term benchmarks include adjusted term SOFR, Euribor, Tibor, CDOR, Cibor, Stibor, Sonia and Saron.

The facility fee ranges from 7.5 bps to 15 bps, depending on the consolidated leverage ratio.

The company plans to use the credit facility for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives.

J.P. Morgan Chase Bank, NA is administrative agent, swingline lender and letter-of-credit issuer and also a joint lead arranger and joint bookrunner along with BofA Securities, Inc. and Wells Fargo Securities, LLC. Bank of America, NA and Wells Fargo Bank, NA are syndication agents, and Citizens Bank, NA is documentation agent.

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