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TD Bank, Others Provide $138MM Facility to AirBoss of America Corp.

December 11, 2015, 07:09 AM
Filed Under: Manufacturing

AirBoss of America Corp. has successfully amended its senior secured credit facilities to, among other things, increase the availability to approximately US$138 million, extend the maturity of the facilities and increase flexibility under the governing credit agreement to support future growth opportunities. In addition, The Toronto-Dominion Bank ("TD Bank") and National Bank of Canada ("National Bank") have joined the syndicate of lenders, with TD Bank also assuming the role of administrative agent under the credit facilities.

As a result of the expansion, the aggregate availability under the company's credit facilities is now approximately US$138 million, comprised of an increased US$60 million revolving facility, a term loan of US$75 million (consolidating the two prior outstanding acquisition financing loans), a term loan of C$4.3 million (unchanged from the prior facility) and an accordion feature of up to an additional US$50 million of availability, upon the satisfaction of customary conditions for such features. The maturity dates of the revolving credit facility and the US$ term loan were extended from October 2018 to December 2020, while the maturity date of the C$ term loan remains at October 2018.

AirBoss welcomes TD Bank and National Bank to its syndicate of lenders under the revolving and term loan facilities, joining existing syndicate members Comerica Bank and J.P. Morgan and the C$ term loan lender Integrated Private Debt Fund III LP. Effective today, TD Bank will also assume the role of administrative agent under the Company's credit facilities. TD Bank also served as sole lead arranger and book runner in connection with the amendment.

Lisa Swartzman, President of AirBoss, commented, "We very much appreciate the continued support from our existing lender group and are pleased to add TD Bank and National Bank to the group. The amended credit facilities provide us with additional flexibility to support the Company's strategic growth plans."

AirBoss of America Corp. is a group of complementary businesses using compounding technology and engineering expertise to create value for its customers. With a capacity to supply over 250 million pounds of rubber annually, AirBoss Rubber Compounding is one of North America's largest custom rubber compounding companies.

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