US-based space technology manufacturer GenCorp has secured a new US$300m credit facility.
The new debt replaces the company’s existing US$150m revolving credit facility (US$91.9m of which is undrawn) and credit-linked facility with a US$200m revolver…
US-based space technology manufacturer GenCorp has secured a new US$300m credit facility.
The new debt replaces the company’s existing US$150m revolving credit facility (US$91.9m of which is undrawn) and credit-linked facility with a US$200m revolver and US$100m term loan.
Both the new revolving credit facility and term loan mature in May 2019, with the former paying interest at 2.5% over Libor and the latter amortising at 5%. Both are collateralised by a substantial portion of the company’s tangible and intangible assets.
Wells Fargo (issuing lender and administrative agent), Suntrust Robinson Humphrey and US Bank National Association were joint lead arrangers and bookrunners on the financing.
The financing comes just over a month after GenCorp secured a new US$100m subordinated delayed draw term loan from two hedge funds, Beach Point Capital Management and Apollo Investment Corporation.
Proceeds from that facility, which pays 8.5% over Libor, were used to refinance existing debt and repurchase common stock.
