Balchem enters $550M revolving credit facility, refinances existing debt

BALCHEM CORP

New $550M senior revolving credit facility matures in 5 years from July 27, 2022.
Proceeds used to refinance all outstanding indebtedness under the prior 2018 credit agreement.
Financial covenants: max consolidated net leverage ratio of 4.00x; min interest coverage of 3.00x.
Facility includes $10M letter of credit sublimit and $10M swing line sublimit.
Interest rate grid based on leverage: Term Benchmark loans range from SOFR+1.00% to +1.625%.

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