OAK BROOK, Ill., Feb. 22, 2012 /PRNewswire/ -- Federal Signal Corporation (NYSE: FSS), a leader in environmental, safety and transportation solutions, announced today that it has completed a refinancing of its existing senior secured credit facilities. The new senior secured credit facilities are comprised of a fully funded $215 million five-year senior secured term loan and a $100 million five-year senior secured revolving credit facility. TPG Specialty Lending, Inc. is the Agent and Sole Lead Arranger for the senior secured term loan facility. Wells Fargo Capital Finance, LLC and GE Capital Corporate Finance are Co-Collateral Agents for the senior secured revolving credit facility. Wells Fargo Capital Finance, LLC will be the Administrative Agent for this facility.
- Interest Rate equal to LIBOR plus 10%, with a 2.0% LIBOR floor
- 2.0% Facility Fee
- Loan can be prepaid at par in 2012 with net proceeds from sales of certain assets
- Loan can be prepaid after one year with a 2.75% premium, and after two years at a 2.0% premium
- Secured by the Company's domestic subsidiaries' inventories and accounts receivables
- Interest rate equal to LIBOR plus a spread from 1.75% to 3.50% based on the Company's average excess availability under the facility