COLUMBUS MCKINNON CORP (CMCO): debt financing — Columbus McKinnon upsizes revolver to $175M to fund montratec acquisition

COLUMBUS MCKINNON CORP

Revolving credit facility increased by $75M from $100M to $175M.
Upsized facility to fund purchase price for pending acquisition of montratec GmbH.
Second Amendment also transitions benchmark from LIBOR to Term SOFR for revolving loans.
JPMorgan, PNC, and Wells Fargo acted as joint lead arrangers and bookrunners.
Existing term loan benchmark spreads also amended (e.g., Term SOFR adjustment set at 0.10% for revolving loans).

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

COLUMBUS MCKINNON CORP incurred revolving credit of $175.0 million with JPMorgan Chase Bank, N.A., as administrative agent.

Instrument: revolving credit
Principal: $175.0 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Event: incurrence

Exact text from the filing

increase the maximum amount available to be borrowed under the revolving credit facility pursuant to the Credit Agreement by $75.0 million from $100.0 million to $175.0 million

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

COLUMBUS MCKINNON CORP amended Second Amendment with JPMorgan Chase Bank, N.A. valued at increased the maximum amount available to be borrowed under the revolving credit facility by $75.0 m (effective 2023-05-18).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: increased the maximum amount available to be borrowed under the revolving credit facility by $75.0 m
Effective: 2023-05-18

Exact text from the filing

On May 18, 2023, Columbus McKinnon Corporation (the “Company”) entered into a Second Amendment (the “Second Amendment”) to the Amended and Restated Credit Agreement, dated as of May 14, 2021, by and among the Company, Columbus McKinnon EMEA GmbH, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents parties thereto, as amended (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001005229-23-000098

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