Welbilt increases revolver to $400 million, extends maturity to 2023

By Wendy Van Sickle

Columbus, Ohio, Oct. 24 – Welbilt Inc.’s senior secured credit facility amendment included an increase in its revolving credit facility borrowing limit to $400 million and an extension of the revolver’s maturity date to Oct. 23, 2023.

The revolver borrowing limit was previously $275 million.

The company announced the completion of the amendment in a press release on Wednesday.

The amendment also included an upsizing of the term loan B to $900 million from $815 million, as previously reported.

The seven-year term loan (BB-) is priced at Libor plus 250 basis points with a 0% Libor floor, down from Libor plus 275 bps with a 1% Libor floor prior to the amendment.

J.P. Morgan Chase Bank, NA, BMO Harris Bank, NA, Capital One, NA, HSBC Bank USA NA and Rabobank acted as joint lead arrangers and joint bookrunners for the amendment.

Proceeds of the term loan were used to reduce outstanding revolver borrowings.

“This amendment is an important step in fixing the capital structure that was put in place at the time of our spinoff and is consistent with our goal of creating a strong, flexible balance sheet while improving our overall financing costs,” Welbilt interim president and chief executive officer Josef Matosevic said in the release.

Welbilt is a New Port Richey, Fla.-based commercial foodservice equipment company.

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