PRZOOM - /newswire/ -
Milwaukee, WI, United States, 2011/02/23 - Actuant Corporation (NYSE: ATU) announced today that it has amended and extended its Senior Credit Facility (the "Credit Facility").
The amended Credit Facility provides for $300 million of additional borrowing capacity, to a total of $700 million, has a five year term and includes a $600 million revolver and a $100 million term loan. It also includes an expansion option of $300 million, subject to certain conditions.
Andrew G. Lampereur, Actuant Chief Financial Officer, commented, "We are very pleased to have completed this transaction. The increased borrowing capacity and five year term are a testament to our strong relationships with our bank partners as well as their confidence in our business model. Together with Actuant's strong free cash flow, we will have ample capacity to continue to fund our growth strategy."
Borrowings under the Credit Facility are subject to a pricing grid, with initial borrowings priced at LIBOR plus 200 basis points. The facility was co-arranged by J.P. Morgan Securities LLC, Merrill Lynch Pierce, Fenner & Smith Incorporated, Wells Fargo Bank, N.A. and U.S. Bank, N.A.
Actuant Corporation (actuant.com) is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies; 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 Butler, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website.
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.