OXFORD, Conn., Nov 30, 2010 (BUSINESS WIRE) --
RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today announced the establishment of a new $150 million 5-year senior secured revolving credit facility. The new facility replaces the existing facility which would have expired in June 2011.
Terms of the facility include a $150 million revolver with an accordion option to borrow an additional $100 million under certain circumstances and with additional commitments from lenders. The facility pricing is grid based, with an initial interest rate for borrowings under the facility of LIBOR plus 150 basis points. The new credit facility will be used to fund working capital and potential acquisitions.
"The successful syndication of this bank facility is a vote of confidence from our bank group in our operations and our growth prospects," said Dr. Michael J. Hartnett, Chairman, President and Chief Executive Officer. "We are pleased with the favorable terms of our new credit agreement which further strengthens the financial health of our business. Our improved liquidity affords us ample financial flexibility to execute against our plan for sustained long-term growth."
The new facility was brought to market by Co-Lead Arrangers JPMorgan and KeyBanc Capital Markets. Other lenders are Bank of America, Wells Fargo, RBS Citizens, and Fifth Third. For further information, please see the Company's most recent filings with the Securities and Exchange Commission.
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