WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB): debt financing — Wabtec enters $225M unsecured term loan facility due 2029

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

$225M unsecured term loan with five-year maturity, closed March 14, 2024.
Interest rate spreads: Term SOFR +1.00%-1.75% or ABR +0.00%-0.75%, based on ratings/leverage.
Financial covenants: Interest Coverage ≥3.0x, Leverage Ratio ≤3.5x.
Proceeds for general corporate purposes; no specific use stated.
Facility arranged by PNC, Citibank, HSBC, JPMorgan, TD Securities as joint lead arrangers.

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

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP incurred term loan of $225.0 million at range between 1.000% and 1.750% for Term SOFR maturing the fifth anniversary of the Closing Date.

Instrument: term loan
Principal: $225.0 million
Rate: range between 1.000% and 1.750% for Term SOFR
Maturity: the fifth anniversary of the Closing Date
Event: incurrence

Exact text from the filing

on March 14, 2024 (the “Closing Date”), Westinghouse Air Brake Technologies Corporation (the “Company” or “Wabtec”) entered into a Term Credit Agreement, dated as of March 14, 2024 (the “2024 Credit Agreement”). The 2024 Credit Agreement is a standalone credit agreement, consisting of a new term loan facility in an aggregate initial principal amount of $225.0 million U.S. dollars (“2024 Term Loan Facility”).

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Source: SEC EDGAR

accession 0001140361-24-013714

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