ESCO enters new $500M revolver; extends maturity to Aug 2028

ESCO TECHNOLOGIES INC

New $500M revolving credit facility with 7 banks, led by JPMorgan, matures 5 years from Aug 30, 2023.
Replaces 2019 facility that would mature Sep 2024; ~$142M borrowings transferred.
Interest options: SOFR+0.10% floor, EURIBOR, CDOR, prime rate; facility fee based on leverage ratio (12.5-25bp).
Includes $250M expansion option and financial covenants (leverage ratio, interest coverage ratio).
Proceeds for general corporate purposes: working capital, capex, R&D, acquisitions.

Key facts

Extracted from this filing and checked against the source text.

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

ESCO TECHNOLOGIES INC entered into New Credit Facility with JPMorgan Chase Bank, N.A. as administrative agent; Bank of America, N.A. as syndication agent; Commerce Bank; TD Bank, N.A.; and the Departing Lenders valued at $500,000,000 (effective 2023-08-30).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. as administrative agent; Bank of America, N.A. as syndication agent; Commerce Bank; TD Bank, N.A.; and the Departing Lenders
Value: $500,000,000
Effective: 2023-08-30

Exact text from the filing

On August 30, 2023, the Registrant and certain of its subsidiaries entered into a five-year, $500,000,000 revolving Amended and Restated Credit Agreement and supporting documents with a diverse group of seven banks led by JPMorgan Chase Bank, N.A. as administrative agent, Bank of America, N.A. as syndication agent, Commerce Bank and TD Bank, N.A. as co-documentation agents , and the Departing Lenders as defined therein (the "New Credit Facility").

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ESCO TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001104659-23-098463

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