Tennant Company enters $650M senior secured credit facility due 2029

TENNANT CO

$650M revolving credit facility, expandable by $325M, matures August 7, 2029.
Interest rates: Term SOFR+1.25%-2.00% or ABR+0.25%-1.00%, based on leverage ratio.
Commitment fee on undrawn portion: 0.15%-0.30% annually based on leverage ratio.
Covenants: max leverage 3.75x, min interest coverage 3.00x, restricted payment limit if leverage >2.50x.
Facility is senior secured; collateral includes substantially all personal property and subsidiary stock.

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