Aerospace technology firm Teledyne Technologies has amended its bank credit agreement, increasing its size by US$200m and extending the maturity by another two years.
The adjusted facility now has an increased borrowing capacity of US$750m, with an…
Aerospace technology firm Teledyne Technologies has amended its bank credit agreement, increasing its size by US$200m and extending the maturity by another two years.
The adjusted facility now has an increased borrowing capacity of US$750m, with an option to extend this by an additional US$50m, and will mature on 1 March 2018. The interest paid on the debt is linked to Teledyne’s consolidated leverage ratio.
Bank of America was the administrative agent, swing line lender and letter of credit issuer on the loan. The other lending banks included JP Morgan, US National Bank, Bank of Tokyo-Mitsubishi and Merrill Lynch Pierce, Fenner & Smith.
Teledyne said that the intended use of the credit facility, which was originally agreed back in February 2011, continues to be for working capital, permitted acquisitions and the issuance of letters of credit.
The company drew the majority of the original credit agreement to help fund its three bolt-on acquisitions of the mid-2012, Optech, LeCroy and BlueView Technologies. It then repaid the indebtedness via a US$200m dual tranche unsecured three-year term loan financing in October 2012. Relationship banks, Bank of America and US National Bank, arranged that transaction.
