WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB): debt financing — Wabtec enters into $2.725B credit facility, refinances existing debt

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

New $2.0B revolving credit facility and $725M delayed draw term loan, maturing April 23, 2030.
Refinances existing delayed draw term loan and term credit agreements from 2018 and 2024.
Interest rate determined by lower of leverage ratio (1.000%–1.750% for SOFR) or credit rating.
Unsecured; permits incremental commitments up to $1.0B under same conditions.
Contains customary covenants including leverage and interest coverage ratios.

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 revolving credit of up to $2.0 billion with PNC Bank, National Association at SOFR/RFR-based borrowings spread between 1.000% and 1.750% maturing April 23, 2030.

Instrument: revolving credit
Principal: up to $2.0 billion
Counterparty: PNC Bank, National Association
Rate: SOFR/RFR-based borrowings spread between 1.000% and 1.750%
Maturity: April 23, 2030
Event: incurrence

Exact text from the filing

term Credit Agreement, dated as of March 14, 2024 (the “Existing Term Credit Agreement”); ● provides for a revolving credit facility in an aggregate principal amount of up to $2.0 billion (the “Revolving Credit Facility”) and a delayed draw term loan facility of $725.0 million (the “Term Loan Facility”), approximately (i) $250 million of which refinanced the

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP incurred term loan of $725.0 million with PNC Bank, National Association at SOFR/RFR-based borrowings spread between 1.000% and 1.750% maturing April 23, 2030.

Instrument: term loan
Principal: $725.0 million
Counterparty: PNC Bank, National Association
Rate: SOFR/RFR-based borrowings spread between 1.000% and 1.750%
Maturity: April 23, 2030
Event: incurrence

Exact text from the filing

provides for a revolving credit facility in an aggregate principal amount of up to $2.0 billion (the “Revolving Credit Facility”) and a delayed draw term loan facility of $725.0 million (the “Term Loan Facility”)

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Source: SEC EDGAR

accession 0001140361-25-015779

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