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Wabco restates credit facility, lifting revolver to $600 million
By Marisa Wong
Morgantown, W.Va., June 26 – Wabco Holdings Inc. entered into an agreement on June 25 amending and restating its existing $400 million five-year multicurrency senior unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
Citibank Europe plc, UK Branch is agent, with Citigroup Global Markets Ltd. as coordinator and Bank of America Merrill Lynch International Ltd., BNP Paribas Fortis SA/NV, Citigroup Global Markets Ltd., HSBC Bank plc, Brussels Branch, ING Belgium SA/NV, MUFG Bank, Ltd. and UniCredit Bank AG as arrangers.
Wabco restated the credit facility to increase the maximum aggregate principal amount to $600 million.
The company may request a further increase of up to $250 million.
Loans may be denominated in U.S. dollars, euros, Singapore dollars or Hong Kong dollars or other approved currencies.
The original five-year tenor has been reset so that the facility will expire on June 28, 2023, subject to two one-year extension options.
Interest is now equal to Libor or Euribor plus an applicable margin ranging from 30 basis points to 85 bps, based on Wabco’s leverage ratio.
In addition, the company amended the facility’s financial ratios. Financial covenants include a leverage test and a maximum subsidiary indebtedness test.
As part of the amendment, Wabco agreed to pay various one-off fees including fees to the lenders for their entering into the amendment and restatement agreement and any increased commitments they made to the facility.
Wabco makes electronic, mechanical and mechatronic products for automobile manufacturers. Its headquarters are in Brussels and Rochester Hills, Mich.
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