Federal Signal completes $225 million senior secured credit facility

By Sara Rosenberg

New York, March 14 - Federal Signal Corp. closed on a new $225 million five-year senior secured credit facility, according to a news release.

Wells Fargo Securities LLC and GE Capital Markets Inc. acted as the joint lead arrangers and bookrunners on the deal.

The facility consists of a $150 million revolver and a $75 million term loan A, with both tranches priced at Libor plus 275 basis points.

Proceeds were used to refinance an existing credit facility.

"I am delighted with the result of our debt refinancing efforts and the much improved capital structure of Federal Signal," said Dennis Martin, president and chief executive officer, in the release.

"We received strong demand in the bank market allowing us to take advantage of very favorable rates. This transaction strengthens our balance sheet and affords us the flexibility needed to achieve our goals in growing the company," Martin added.

Federal Signal is an Oak Brook, Ill.-based provider of environmental and safety solutions.

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