FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


BofA Merrill Lynch, Wells Fargo Securities Arrange EnerSys’ Facility Increase

July 09, 2014, 07:54 AM
Filed Under: Manufacturing

EnerSys announced the amendment to its senior secured credit facility and an increase in the credit facility size to $650 million.

The amended credit facility was increased by $300 million to $650 million and is comprised of a $500 million revolving line of credit and a $150 million incremental term loan.  Both the revolver and incremental term loan mature in September 2018 and the current interest rate remains at LIBOR plus 1.25%.  The rate can increase based on EnerSys' leverage ratio of debt to EBITDA as defined in the credit facility.  There were $160 million of total outstanding borrowings under the credit facility immediately following the effectiveness of these amendments.

Bank of America Merrill Lynch and Wells Fargo Securities acted as joint lead arrangers and joint book running managers for this transaction. Nineteen banks participated in the syndication, and the facility was again oversubscribed.

"We are pleased to complete this amendment and increase our Credit Facility to $650 million in the current favorable credit market environment," said Michael J. Schmidtlein, senior vice president and chief financial officer of EnerSys. "The increased credit facility borrowing capacity provides additional liquidity for funding the expected conversion of the Convertible Notes in 2015."

EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.