Wabco restates $400 million revolver for 2020 maturity, better pricing

By Marisa Wong

Morgantown, W.Va., Oct. 6 – Wabco Holdings Inc. amended and restated its existing $400 million multicurrency five-year senior unsecured revolving credit with Citibank International Ltd. as agent and Citibank, NA, London Branch, ING Belgium SA/NV, Bank of America Merrill Lynch International Ltd., Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas Fortis SA/NV, Credit Lyonnais, Royal Bank of Scotland plc and UniCredit AG as lenders, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The amended facility, dated Sept. 30, provides for the original five-year tenor to be reset so that the amended facility will expire on Sept. 30, 2020, subject to two one-year extension options.

The company also amended the applicable margin in line with its existing $100 million multicurrency five-year senior unsecured revolving credit facility dated Dec. 17, 2014.

To take advantage of more favorable market conditions, loans under the amended facility will bear interest at Libor/Euribor (Sibor for Singapore dollar-denominated loans and Hibor for Hong Kong dollar-denominated loans) plus an applicable margin ranging from 45 basis points to 100 bps, compared to 80 bps to 155 bps under the existing facility. The applicable margin is based on Wabco’s leverage ratio.

Wabco makes electronic, mechanical and mechatronic products for automobile manufacturers. Its headquarters are in Brussels and Rochester Hills, Mich.

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