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SELECTED TRANSACTION DETAILS
PNC Banks Agents $200MM Credit Facility for GP Strategies
Thursday, December 6, 2018

Lenders/Participants PNC Bank [Administrative Agent]
PNC Capital Markets [Joint Lead Arranger]
Wells Fargo Securities [Joint Lead Arranger]
Structure Revolver
Amount $200.000 Million
Borrower(s) GP Strategies Corporation
Description A new five-year $200 million credit facility with a syndicate of lenders. The new credit facility includes a $200 million revolving line of credit and an accordion feature allowing the Company to increase commitments to the credit facility by up to an additional $100 million. Borrowings under the Company's prior credit agreement were refinanced in full. The new credit facility has a five-year term which expires in November 2023, with no scheduled payments of principal until maturity, and bears interest at variable market rates, as defined in the agreement, plus a spread based on the Company's leverage ratio. Interest rates on the new credit facility are reduced between 25 and 50 basis points compared to its prior credit facility, depending on the Company's current leverage ratio.
Industry Consultancy
Related Tags PNC Bank, PNC Capital Markets, Wells Fargo Securities




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