Aerospace technology firm Teledyne Technologies has raised US$200m through two unsecured term loans from Bank of America and U.S. Bank National Association.
The loans both mature on 22 October 2015 and pay an interest tied to either the Eurocurrency…
Aerospace technology firm Teledyne Technologies has raised US$200m through two unsecured term loans from Bank of America and U.S. Bank National Association.
The loans both mature on 22 October 2015 and pay an interest tied to either the Eurocurrency rate or base rate, as selected by the company. These interest rates are also subject to change based on the company’s consolidated leverage ratio.
The majority of the proceeds from the financing have already been used to retire indebtedness under Teledyne’s existing US$550m five-year revolving credit facility that it secured from Bank of America back in February 2011.
As of January 2012, approximately US$48m of the revolver was untapped, however, Teledyne has since used much of this to help fund its three bolt-on acquisitions of the summer, Optech, LeCroy and BlueView Technologies. The company did not specify how much, if any, is left.
Teledyne’s subsidiaries Teledyne Brown Engineering, Teledyne Instruments, Teledyne Scientific & Imaging and Teledyne LeCroy are all guarantors under the loan.
