Flowserve extends maturity date of term loan, revolver to 2020

By Marisa Wong

Morgantown, W.Va., Oct. 19 – Flowserve Corp. amended its existing credit agreement dated Aug. 20, 2012 to extend the maturity date of the term loan facility and the revolving credit facility to Oct. 14, 2020 from Oct. 4, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, completed on Oct. 14, also decreases the sublimit for commercial letters of credit to $250 million and the sublimit for financial standby letters of credit to $125 million. The sublimit for performance letters of credit was lowered to $750 million.

In addition, the commitment fee was reduced to 15 basis points.

The company also made changes to the definition of guarantors.

Bank of America, NA is the swingline lender, letter-of-credit issuer and administrative agent for the credit facility.

The flow control systems manufacturer is based in Irving, Texas.

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