Kaman Increases Credit Access To $225 Million

BLOOMFIELD, Conn. (AP) — Aerospace parts supplier Kaman Corp. said Friday it has increased its access to credit with the potential to boost it further.

The Bloomfield, Conn., company said it replaced a $200 million revolving credit arrangement over five years with $225 million over three years. The arrangement allows the company to increase available credit to $300 million with additional commitments from lenders, Kaman said.

The initial interest rate will be Libor — London Interbank Offered Rate — plus 350 basis points.

William C. Denninger, Kaman's chief financial officer, said the credit agreement "provides significant access to capital to continue to execute our growth strategy."

The facility was brought to market by Bank of America, The Bank of Nova Scotia and RBS Citizens.

In trading immediately after the opening bell, Kaman shares rose 6 cents to $22.33.