Applied Industrial gets $100 million unsecured term loan via KeyBank

By Jennifer Chiou

New York, May 1 - Applied Industrial Technologies, Inc. entered into on April 25 a $100 million unsecured term loan credit facility with KeyBank NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The five-year loan may be increased to up to $200 million until Sept. 28, 2018.

The filing stated that the company used $100 million under the loan for acquisition financing.

Interest on the loans is Libor plus 75 bps to 150 bps, based on leverage.

Applied Industrial may not permit its leverage ratio to exceed 3 to 1 or its interest coverage ratio to be less than 3 to 1, the filing noted.

Applied Industrial is an industrial distributor based in Cleveland.

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