Roller Bearing amends, restates facility to up term loan by $40 million, reduce rate

By Sara Rosenberg

New York, Aug. 19 - Roller Bearing Co. of America Inc. amended and restated its credit facility, increasing the term loan tranche by $40 million to $150 million and lowering the interest rate on the term loan to Libor plus 275 basis points from Libor plus 375 bps, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Furthermore, the maturity of the term loan was extended to July 1, 2011.

Lastly, the revolver was modified so that availability is now based on a multiple of the company's EBITDA and the amount of its indebtedness otherwise outstanding, instead of on underlying value of its collateral.

The amendment and restatement was completed on Aug. 15 concurrently with the closing of the company's initial public offering.

General Electric Capital Corp. is the agent and lead arranger on the deal.

Roller Bearing is an Oxford, Conn.-based designer, manufacturer and marketer of plain, roller and ball bearings.

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