ITT INC. (ITT): debt financing — ITT completes acquisition of Svanehøj, funds with €275M term loan; adds new board member

ITT INC.

Acquisition of Svanehøj Group A/S, a cryogenic pumps supplier with ~$140M in 2022 sales, completed Jan 19, 2024.
Funding via €275M drawn from a €300M term loan (EURIBOR + 0.80%-1.50%); leverage covenant step-up to 4.00x post-acquisition.
Sharon Szafranski (EVP at Illinois Tool Works) elected to board effective Jan 17, 2024; appointed to Audit Committee.
Svanehøj will integrate into ITT Industrial Process segment; holds leadership in ammonia/LPG/LNG fuel pump markets.

item 1.01 item 8.01 item 2.03 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Sharon Szafranski

Director

ITT · ITT INC.

Effective: 2024-01-17
Filed: January 19, 2024, 6:59 PM ET

on January 17, 2024, the Board of Directors (the “Board”) of the Company, acting on the recommendation of the Nominating and Governance Committee, elected Ms. Sharon Szafranski to its Board of Directors, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ITT INC. incurred credit facility of €275 million with BNP Paribas, Italian Branch at EURIBOR rate for Euros, plus a ratings based margin ranging from 0.80% to 1.50% maturing three years.

Instrument: credit facility
Principal: €275 million
Counterparty: BNP Paribas, Italian Branch
Rate: EURIBOR rate for Euros, plus a ratings based margin ranging from 0.80% to 1.50%
Maturity: three years
Event: incurrence

Exact text from the filing

On January 12, 2024, ITT Italia S.r.l. (“ITT Italia”), an indirect wholly owned subsidiary of ITT Inc. (the “Company”), entered into a facility agreement (the “ITT Italia Credit Agreement”), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent. The ITT Italia Credit Agreement has a maturity of three years and provided for a term loan commitment of up to €300.0 million, €275 million of which commitment has been borrowed to finance the Company’s previously announced acquisition of Svanehøj Group A/S referenced under Item 8.01 below and the remaining €25.0 million of which has been cancelled.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sharon Szafranski was elected as Director at ITT INC..

Action: elected
Role: Director

Exact text from the filing

on January 17, 2024, the Board of Directors (the “Board”) of the Company, acting on the recommendation of the Nominating and Governance Committee, elected Ms. Sharon Szafranski to its Board of Directors, effective immediately.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ITT INC. entered into ITT Italia Credit Agreement with BNP Paribas, Italian Branch valued at €300.0 million (effective 2024-01-12).

Action: entry
Agreement: credit facility
Counterparty: BNP Paribas, Italian Branch
Value: €300.0 million
Effective: 2024-01-12

Exact text from the filing

On January 12, 2024, ITT Italia S.r.l. (“ITT Italia”), an indirect wholly owned subsidiary of ITT Inc. (the “Company”), entered into a facility agreement (the “ITT Italia Credit Agreement”), among the Company, as a guarantor, ITT Italia, as borrower, and BNP Paribas, Italian Branch, as bookrunner, sole underwriter and global coordinator, mandated lead arranger and agent.

View on SEC.gov

283 debt financings filed in the last 30 days. Browse all debt financings →

ITT INC. filing history →

Source: SEC EDGAR

accession 0000216228-24-000011

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