Kaman Closes on Amended and Restated $700 Million Credit Facility
May 06 2015 - 5:32PM
Business Wire
(NYSE:KAMN) Kaman Corporation announced that today it has closed
on an amended and restated $700 million credit facility. The new
credit facility amends and restates the Company’s prior credit
facility to, among other things: (i) extend the maturity date to
May 2020; (ii) increase the aggregate amount of revolving
commitments from $400 million to $600 million; (iii) reinstate the
aggregate amount of outstanding Term Loans to $100 million; (iv)
modify the affirmative and negative covenants set forth in the
facility; and (v) effectuate a number of additional modifications
to the terms and provisions of the facility, including its
pricing.
The amended and restated facility is collateralized by the
Company’s tangible and intangible personal property and other
assets, including the stock and assets of its material domestic
subsidiaries that are guarantors of the facility, and includes a
typical financial covenant package, which the company believes
reflects current market terms and conditions. The facility includes
an accordion feature that allows the company to increase the
aggregate amount available to up to $900 million with additional
commitments from the lenders.
“The amended and restated credit facility provides us with
increased flexibility and liquidity to execute our growth strategy.
We are pleased with the strong support of our lenders, all of whom
have renewed their commitments to Kaman,” stated Senior Vice
President and Chief Financial Officer, Robert D. Starr.
The facility was brought to market by Joint Bookrunners and
Joint-Lead Arrangers J.P. Morgan Securities LLC; Merrill Lynch,
Pierce, Fenner & Smith Incorporated; and Citizens Bank,
N.A.
About Kaman Corporation
Kaman Corporation (NYSE:KAMN), which was founded in 1945 by
aviation pioneer Charles H. Kaman is headquartered in Bloomfield,
Connecticut. Kaman conducts business in the aerospace and
distribution markets. The Company is a leading distributor of
industrial parts, and operates more than 250 customer service
centers and five distribution centers across the United States and
Puerto Rico. Kaman offers more than four million items including
bearings, mechanical power transmission, electrical, material
handling, motion control, fluid power, automation and MRO supplies
to customers in virtually every industry. Kaman also provides
engineering, design and support for automation, electrical, linear,
hydraulic and pneumatic systems as well as belting and rubber
fabrication, customized mechanical services, hose assemblies,
repair, fluid analysis and motor management. Additionally, the
company produces and/or markets widely used proprietary aircraft
bearings and components; complex metallic and composite
aerostructures for commercial, military and general aviation fixed
and rotary wing aircraft; aerostructure engineering design analysis
and FAA certification services; safe and arm solutions for missile
and bomb systems for the U.S. and allied militaries; subcontract
helicopter work; and support for the company's SH-2G Super
Seasprite maritime helicopters and K-MAX medium-to-heavy lift
helicopters. More information is available at www.kaman.com.
Kaman CorporationEric Remington, VP, Investor
Relations860-243-6334Eric.Remington@kaman.com
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