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PNC Bank Agents Upsize of Sun Hydraulics Credit Facilities

April 06, 2018, 07:11 AM
Filed Under: Manufacturing
Related: Amendment, PNC Bank

Sun Hydraulics entered into a First Amendment, Consent and Joinder to Credit Agreement  with PNC Bank, National Association, as administrative agent, and the lenders party thereto.The First Amendment and the Amended Credit Agreement attached thereto amends that certain Amended and Restated Credit Agreement entered into by the Company, the Bank, as administrative Agent and the lenders party thereto on November 22, 2016 which provided a $300 million revolving line of credit facility and an accordion feature to permit the increase of the A&R Facility by up to an additional $100 million in the form of new term loans or additional revolving credit loans.The First Amendment was entered into contemporaneously with the transfer of substantially all of the Company’s hydraulics segment assets to the Company’s wholly-owned subsidiary, Sun Hydraulics, LLC, a newly-formed Florida limited liability company (SHL), and in preparation for the acquisition of Faster S.p.A.  

The Existing Credit Agreement as amended by the First Amendment increases the revolving credit facility up to an aggregate maximum principal amount of $400,000,000, adds a new term loan credit facility in an aggregate principal amount of $100,000,000, which was funded on or about April 3, 2018, and increased the accordion feature to permit the increase of the A&R Facility by up to an additional $200 million from ($100 million under the Existing Credit Agreement).The credit facilities under the 2018 Amended Credit Agreement are available through April 3, 2023.

As of the date of this filing, the Company borrowed $258,000,000 under the revolving credit facility and $100,000,000 under the term loan facility, under the Amended Facility.

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