ESCO Announces Amendment to Credit Facility
ST. LOUIS, December 22, 2015 - ESCO Technologies Inc. (NYSE: ESE) (ESCO or the "Company") today announced that it has finalized a commitment with its lenders to amend and extend its current credit facility.
The new five-year agreement amends and restates the previous credit facility dated May 14, 2012 to extend the maturity date from May 13, 2017 through December 21, 2020, and reduces the outstanding borrowing rates and commitment fees.
Consistent with the prior agreement, the amended facility includes a $450 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders.
Proceeds from the amended facility will be used to provide liquidity for general corporate purposes, including working capital, research and development spending, capital expenditures, and acquisitions.
The bank syndication supporting the new facility is comprised of a diverse group of nine banks led by JPMorgan Chase Bank, N.A. as Administrative Agent.
ESCO, headquartered in St. Louis, provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. In addition, the Company provides diagnostic instruments, services and the world's premier library of statistically significant apparatus test results for the benefit of energy generation, transmission, and delivery companies and industrial power users worldwide. Further information regarding ESCO and its subsidiaries is available on the Company's website at www.escotechnologies.com.
SOURCE ESCO Technologies Inc.
Kate Lowrey, Director of Investor Relations, (314) 213-7277
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