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PNC Bank Agents $400MM Credit Facility for Calgon Carbon

October 05, 2016, 07:18 AM
Filed Under: Manufacturing

Calgon Carbon Corporation announced the closing of a new $400 million syndicated credit facility. At closing, the facility was initially used to refinance existing debt under the company’s previous credit facility through the issuance of a seven-year $100 million term loan. The $300 million five-year revolving credit facility is expected to provide funding for the approximate $151.5 million cash purchase price of the company’s pending acquisition of CECA’s wood-based activated carbon and filter aid business, which is expected to occur later this quarter. The new revolving credit facility will also be available for working capital requirements and general corporate purposes.

The facilities consist of a $300 million unsecured five-year revolving loan and a $100 million seven-year unsecured term loan. Both loans have certain financial and other restrictions. The credit facility was led by PNC Capital Markets LLC and Citizens Bank, N.A. as Joint Lead Arrangers and PNC Bank as Administrative Agent. The facility also includes Bank of America, N.A. and Branch Banking & Trust Company as Co-Documentation Agents. Participants include First National Bank of Pennsylvania, The Huntington National Bank, ING Bank N.V., Dublin Branch, First Commonwealth Bank, and Northwest Bank.

Bob Fortwangler, Calgon Carbon’s Senior Vice President and Chief Financial Officer, commented, “I’m pleased with the additional borrowing capacity and flexibility that our newly upsized credit facility will provide us as we prepare to close on the wood-based activated carbon and filter aid business acquisition later this quarter and continue to execute on opportunities to enhance and strengthen our global business platform.”

Calgon Carbon Corporation is a global leader in innovative solutions, high quality products and reliable services designed to protect human health and the environment from harmful contaminants in water, and air. As a leading manufacturer of activated carbon, with broad capabilities in ultraviolet light disinfection, the Company provides purification solutions for drinking water, wastewater, pollution abatement, and a variety of industrial and commercial manufacturing processes.

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