Calgon Carbon Corp. announced the closing of a new $300 million syndicated credit facility. The facility refinanced existing debt and provides an additional $175 million of borrowing capacity. The new credit facility will be available for strategic growth initiatives, acquisitions, share repurchases, working capital and general corporate purposes.
The facility is an unsecured five-year revolving loan and seven-year delayed draw term loan. The revolving loan includes two optional one-year extensions and a five-year maturity date. The seven-year delayed draw term loan includes a maximum of three draws for a total commitment amount of $75 million. Both loans have certain financial and other restrictions. The credit facility was led by PNC Capital Markets LLC and RBS Citizens, N.A. as joint lead arrangers and PNC Bank as administrative agent. The facility also includes as co-documentation agents Bank of America, N.A. and Branch Banking and Trust Co. Participants include First Commonwealth Bank and First National Bank of Pennsylvania.
Steve Schott, Calgon Carbon’s CFO, said, “I am very pleased with the additional funds available to us under this facility. This transaction increases our maximum credit capacity from $125 million to $300 million which will provide increased flexibility as we pursue our strategic initiatives.”
Source: Calgon Carbon Corp.
