Flowserve gets $1 billion credit facility to refinance existing debt

By Sara Rosenberg

New York, Dec. 14 - Flowserve Corp. closed on a new $1 billion five-year credit facility on Tuesday that was used to refinance an existing facility set to mature in August 2012, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, Credit Agricole, J.P. Morgan Securities LLC and Wells Fargo Securities LLC acted as the joint lead arrangers on the deal, with Bank of America the administrative agent.

The facility consists of a $500 million term loan and a $500 million revolver, with both tranches initially priced at Libor plus 200 basis points. Pricing can range from Libor plus 175 bps to 250 bps based on leverage.

There is a $200 million accordion feature.

Flowserve is an Irving, Texas-based provider of flow control products and services for the infrastructure markets.

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