Thermadyne gets $91.3 million amended, restated credit facility

By Sara Rosenberg

New York, Nov. 24 - Thermadyne Industries Inc. closed on a $91.3 million five-year amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

GECC Capital Markets Group Inc. was the lead arranger on the deal, and General Electric Capital Corp. will be acting as agent.

Basically, the company increased its credit facility from $70 million, added foreign subsidiaries in Australia, the United Kingdom and Canada as credit collateral parties, and changed the determination of the borrowing base from a cash flow-based formula to an asset-based formula.

The new facility contains an $80 million revolver, upsized from $50 million, and $11.3 million in term loans, downsized from $20 million. The term loans consist of a $9.3 million term loan A and a $2 million delayed-draw term loan, the filing said.

The revolver has an interest rate of Libor plus 225 basis points and a 50 basis point unused fee, and the term loan has an interest rate of Libor plus 250 basis points.

The facility closed on Monday.

Thermadyne is a Chesterfield, Mo.-based designer and manufacturer of cutting and welding products.

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