Gorman-Rupp refinances debt; upsizes term loan to $370M, issues $30M notes, retires sub debt

GORMAN RUPP CO

Upsized senior term loan to $370M, extended maturity to May 31, 2029 (from 2027).
Issued $30M of 6.40% senior secured notes due May 31, 2031.
Retired $90M unsecured subordinated facility (SOFR+9.10%) for ~$91.8M including $1.8M make-whole.
Expected annual interest expense reduction of ~$7M.
One-time charges: $1.8M prepayment fee, $1.3M transaction costs, $4.4M non-cash write-off.

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