RBC Bearings Incorporated Announces New $150 Million 5-year Revolving Credit Facility
RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today announced the establishment of a new $150 million 5-year senior secured revolving credit facility. The new facility replaces the existing facility which would have expired in June 2011.
Terms of the facility include a $150 million revolver with an accordion option to borrow an additional $100 million under certain circumstances and with additional commitments from lenders. The facility pricing is grid based, with an initial interest rate for borrowings under the facility of LIBOR plus 150 basis points. The new credit facility will be used to fund working capital and potential acquisitions.
“The successful syndication of this bank facility is a vote of confidence from our bank group in our operations and our growth prospects,” said Dr. Michael J. Hartnett, Chairman, President and Chief Executive Officer. “We are pleased with the favorable terms of our new credit agreement which further strengthens the financial health of our business. Our improved liquidity affords us ample financial flexibility to execute against our plan for sustained long-term growth.”
The new facility was brought to market by Co-Lead Arrangers JPMorgan and KeyBanc Capital Markets. Other lenders are Bank of America, Wells Fargo, RBS Citizens, and Fifth Third. For further information, please see the Company’s most recent filings with the Securities and Exchange Commission.About RBC Bearings RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. Headquartered in Oxford, Connecticut, RBC Bearings currently employs approximately 1,874 people in 23 manufacturing facilities located throughout North America and Europe.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV