Rogers restates credit agreement for $450 million revolver due 2024

By Rebecca Melvin

New York, Oct. 16 – Rogers Corp. and its lenders, including JPMorgan Chase Bank NA as administrative agent, have agreed to refinance the company’s Feb. 17, 2017 credit agreement, extending the maturity to March 31, 2024 from Feb. 17, 2022, according to an 8-K filing with the Securities and Exchange Commission.

The other lenders are HSBC Bank USA, NA, Citibank, NA, Citizens Bank, NA, PNC Bank, NA and Wells Fargo Bank, NA, as co-syndication agents.

Under the fourth amended and restated credit agreement, the lenders agreed to provide up to $450 million of revolving loans, with sub-limits for multicurrency borrowings, letters of credit and swingline notes, and a $175 million expansion feature.

Borrowings under the restated facility bear interest at Libor plus a spread of 162.5 basis points to 200 bps, depending on the company’s leverage ratio.

The proceeds may be used to finance working capital needs, for letters of credit and for the general corporate purposes of the company or its subsidiaries, including financing permitted acquisitions.

The Rogers, Conn.-based company focuses on worldwide markets that support high technology applications, such as cellular base stations and antennas, handheld wireless devices, satellite television receivers, wind and solar energy applications and hybrid, including electric vehicles.

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