OAK BROOK, Ill., Jan. 11, 2012 /PRNewswire/ -- Federal Signal Corporation (NYSE: FSS), a leader in environmental, safety and transportation solutions, announced today that it has signed a proposal letter that outlines certain material terms and conditions for a $215 million term loan. The Company also announced it has signed a commitment letter for a $100 million senior secured asset-based credit facility.
Proceeds from the $215 million term loan and a concurrent draw from the funds available under the new asset-based credit facility will be used to repay borrowings under the Company's existing secured credit facility, outstanding debt under its private placement notes, and fees and expenses related to this refinance.
The two new facilities are expected to close before the end of the first quarter of 2012. Final terms will be disclosed after customary due diligence and documentation is completed which is expected to occur before the Company's Form 10-K for fiscal year 2011 is filed.
"This is an important step to strengthening the Company's balance sheet and providing opportunities for future growth at Federal Signal," stated
Dennis Martin, Federal Signal Corporation's President and CEO.
SOURCE Federal Signal Corporation
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