Alter Industrial Motion Crop. Announces $1.4 Billion Refinancing

0
39

Altra Industrial Motion Corp. is a leading global manufacturer and automation, supplier of motion control, engine braking systems, and power transmission and components for the industrial market. Bauer Gear Motor, Boston Gear, Jacobs Vehicle Systems, Kollmorgen, Portescap, Stromag, Svendborg Brakes, TB Wood’s, Thomson, and Warner Electric are among Altra’s 27 well-known brands. Altra, based in Braintree, Massachusetts, employs approximately 9,000 people and has 48 manufacturing locations in 16 countries.

Altra Industrial Motion Corp. (“Altra” or the “Company”), a world’s leading supplier and manufacturer of motion control, power distribution, and automation products, announced today that it has decided to enter into a new five-year credit agreement with its lenders, which includes a new $400 million credit facility and a new $1 billion revolving credit facility. The funds will be used to pay off all outstanding amounts on the Company’s previously terminated term loan and revolving credit facilities, as well as for general business purposes, including purchases.

Carl Christenson, Chairman and Chief Executive Officer of Altra, said, “We are very pleased with the results of this refinancing.” “Based on the current interest rate environment, we believe this transaction to result in a $4-$5 million decrease in our annual interest expenditure.” Furthermore, this transaction contributes to our efforts to improve our financial sheet by allowing us to pursue our long-term organic and acquisition development goals with greater flexibility and capability.”

All comments in this release that are not statements of historical fact are forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995.

Read More: Reaction To The Exoneration Of 2 Men Convicted Of Malcom X’s Murder

Forward-looking declarations may also refer to operational plans, economic outcomes, economic position, market opportunities, growth strategy, and liquidity, and are based on economic data, market hypotheses, and company’s current business proposals and beliefs, or current estimates of future results or trends, which are only available as of the time the statements are made and may become out of date or incomplete.

Investors should be aware that forward-looking statements are inherently uncertain, and that outcomes may differ considerably from our estimates. Statements including (a) company’s estimates for interest cost reductions, (b) the Company’s attempts to improve its balance sheet, and (c) the Company’s ability to continue and implement its long-term organic and acquisition growth objectives are examples of these statements.

Subscribe to BigBlueUnbaised for latest updates.

LEAVE A REPLY

Please enter your comment!
Please enter your name here