Curtiss-Wright amended facility bears interest at Libor plus 87.5 bps

By Sarah Lizee

Olympia, Wash., Oct. 19 – Curtiss-Wright Corp. provided pricing details for its amended $500 million credit facility in an 8-K filed with the Securities and Exchange Commission on Friday.

Borrowings bear interest at Libor plus a margin that ranges from 65 basis points to 120 bps, depending on the consolidated leverage ratio. The facility fee ranges from 10 bps to 17.5 bps.

Interest is initially Libor plus 87.5 bps and the facility fee is 8.75 bps.

As previously reported, the company amended the credit agreement with a group of seven banks extending the maturity date through October 2023 and expanding the accordion feature by $100 million to $200 million.

The revised agreement eliminates one covenant and otherwise provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.

The credit facility will be used for working capital purposes, internal growth initiatives, funding of possible future acquisitions and other general corporate purposes.

Merrill Lynch, JPMorgan Chase and Wells Fargo were joint lead arrangers and joint bookrunners. Bank of America is the administrative agent. JPMorgan Chase and Wells Fargo were syndication agents, and Citizens Bank was documentation agent.

Based in Davidson, N.C., Curtiss-Wright delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets.

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