Actuant Amends and Extends Senior Credit Facility
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE:ATU) announced today that it has amended and extended its Senior Credit Facility (the "Credit Facility"). The amended Credit Facility was upsized to now include a $300 million term loan (increased from the outstanding $87 million balance) combined with a $600 million revolver. The maturity date has been extended to May 2020 from July 2018. In addition, the amended credit facility contains favorable adjustments to the pricing grid for borrowings, non-use and other fees, along with increased flexibility in other terms, conditions and covenants.
"I am pleased with the terms of this agreement as it reflects our lender's recognition of Actuant’s strong financial profile and consistent cash flow generation, and provides flexibility for future growth opportunities," said Andrew Lampereur, Executive Vice President and Chief Financial Officer. "We thank our lending group for their ongoing support."
Actuant Corporation is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions; specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.
Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant’s results are also subject to general economic conditions, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors. Actuant disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.
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Source: Actuant Corporation
Released May 8, 2015