LINCOLN ELECTRIC HOLDINGS INC (LECO): debt financing — Lincoln Electric completes $427M acquisition of Fori Automation; expects $0.12-$0.15 EPS accretion in 2023

LINCOLN ELECTRIC HOLDINGS INC

Completed acquisition of Fori Automation for $427M, funded via $400M term loan and cash on hand.
Term loan ($400M) matures Nov 2025, SOFR + 0.75%-1.75% margin, used to partially fund acquisition and general corporate purposes.
Acquisition expected to be accretive to 2023 EPS by $0.12-$0.15 per diluted share, excluding transaction costs.
Automation portfolio revenue exceeds $850M annually, advancing toward $1B Higher Standard 2025 target.
Fori results reported Q1 2023; ~75% in Americas Welding segment, balance in International Welding.

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

LINCOLN ELECTRIC HOLDINGS INC incurred term loan of $400 million with PNC Bank, National Association, as administrative agent at Term SOFR plus 0.75% to 1.75% maturing November 29, 2025.

Instrument: term loan
Principal: $400 million
Counterparty: PNC Bank, National Association, as administrative agent
Rate: Term SOFR plus 0.75% to 1.75%
Maturity: November 29, 2025
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a term loan in a principal amount in the aggregate of $400 million (the “Term Loan”), which was borrowed in full. The Term Loan matures on November 29, 2025. The Term Loan shall bear interest at a rate based on Term SOFR, plus a margin ranging from 0.75% to 1.75% based on the Company’s consolidated net leverage ratio.

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

LINCOLN ELECTRIC HOLDINGS INC entered into Credit Agreement with PNC Bank, National Association, as administrative agent valued at $400 million (effective 2022-11-29).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association, as administrative agent
Value: $400 million
Effective: 2022-11-29

Exact text from the filing

On November 29, 2022, Lincoln Electric Holdings, Inc. (the “Company”) and certain of its domestic subsidiaries (collectively, with the Company, the “Borrower”), entered into the Credit Agreement, dated as of November 29, 2022, with the lenders party thereto and PNC Bank, National Association, as administrative agent (the “Credit Agreement”).

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10 debt financings filed in the last 30 days. Browse all debt financings →

LINCOLN ELECTRIC HOLDINGS INC filing history →

Source: SEC EDGAR

accession 0001193125-22-296564

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