2023-06-29 07:09:24 ET
- Mayville Engineering Company ( NYSE: MEC ) has entered into an amended and restated credit agreement led by Wells Fargo Bank, whereby credit facility have increased from $200M to $250M and includes an uncommitted accordion feature of $100 million, for a total borrowing capacity of up to $350M.
- The interest rate on the credit facility is SOFR plus an applicable interest rate margin range of between 1.25% to 2.75%, subject to the consolidated total net leverage ratio of the Company.
- The amended and restated credit agreement matures in June 2028.
- A portion of the upsized credit facility will be used to finance the previously announced acquisition of Mid-States Aluminum, together with general corporate purposes.
- Source: Press Release
For further details see:
Mayville Engineering upsizes $250M credit facility