Actuant Amends and Extends Senior Credit Facility
MILWAUKEE -- July 18, 2013
Actuant Corporation (NYSE:ATU) announced today that it has amended and
extended its Senior Credit Facility (the "Credit Facility"). The amended
Credit Facility continues to consist of a $600 million revolver and term loan,
but the maturity date has been extended to July 2018 from February 2016. The
expansion option was upsized to $350 million, subject to certain conditions.
In addition, the amended agreement contains favorable adjustments to the
pricing grid for borrowings, non-use and other fees, along with increased
flexibility in other terms, conditions and covenants.
"I am pleased with the terms of this agreement as it reflects our lender's
recognition of Actuant’s strong financial profile and provides flexibility for
future growth opportunities," said Andrew Lampereur, Executive Vice President
and Chief Financial Officer. "We thank our lending group for their ongoing
Actuant Corporation is a diversified industrial company serving customers from
operations in more than 30 countries. The Actuant businesses are leaders in a
broad array of niche markets including branded hydraulic tools and solutions;
specialized products and services for energy markets and highly engineered
position and motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under
the symbol ATU. For further information on Actuant and its businesses, visit
the Company's website at www.actuant.com.
Certain of the above comments represent forward-looking statements made
pursuant to the provisions of the Private Securities Litigation Reform Act of
1995. Management cautions that these statements are based on current estimates
of future performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates. Actuant’s
results are also subject to general economic conditions, variation in demand
from customers, the impact of geopolitical activity on the economy, continued
market acceptance of the Company’s new product introductions, the successful
integration of acquisitions, restructuring, operating margin risk due to
competitive pricing and operating efficiencies, supply chain risk, material
and labor cost increases, foreign currency fluctuations and interest rate
risk. See the Company’s Form 10-K filed with the Securities and Exchange
Commission for further information regarding risk factors. Actuant disclaims
any obligation to publicly update or revise any forward-looking statements as
a result of new information, future events or any other reason.
Communications & Investor Relations Leader
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