AIMC - Altra Industrial Motion to refinance $1.4B loans

Altra Industrial Motion (NASDAQ:AIMC) enters into a new five-year credit agreement among the company and the lenders party to the credit agreement from time to time, which consists of a new $400M term loan and a new $1B revolving credit facility. Proceeds to be used to repay in full all amounts outstanding on its existing term loan and revolving credit facilities, which have been terminated, and for general corporate purposes, including acquisitions. “Based on the current interest rate environment, we expect this transaction will have the potential to provide us with a reduction in our annual interest expense of approximately $4-$5 million. Moreover, this transaction furthers our efforts to strengthen our balance sheet and provides us with the flexibility and capacity to pursue our long-term organic and acquisition growth strategies.”  said Carl Christenson, Chairman and CEO.

For further details see:

Altra Industrial Motion to refinance $1.4B loans