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Altra Industrial Motion Amends Credit Facility With JPMorgan, Others

October 24, 2016, 07:18 AM
Filed Under: Manufacturing

Altra Industrial Motion Corp., a leading global supplier of electromechanical power transmission and motion control products, announced that it has entered into an agreement to amend its existing credit facility.  This amendment, which will become effective upon the closing of Altra’s purchase of Stromag increases Altra’s revolving credit facility by $75 million to $425 million.  The Company expects to use the increased facility to finance Altra’s purchase of Stromag.  The amendment also resets the possible expansion of up to $150 million of additional future loan commitments.  In addition, the amendment increases the multicurrency sublimit to $250 million and adjusts certain financial covenants.  The pricing terms and maturity date under the Credit Agreement remain unchanged.

A previous SEC filing indcates that lenders to the facility include J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and KeyBanc Capital Markets, Inc., as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).

Altra Industrial Motion Corp., through its subsidiaries, is a leading global designer, producer and marketer of a wide range of electromechanical power transmission and motion-control products. The Company brings together strong brands covering over 40 product lines with production facilities in twelve countries.

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