Gardner Denver Announces Credit Agreement Amendment and Expected Reduction in Borrowing Costs
19 August 2017 - 5:18AM
Business Wire
Gardner Denver Holdings Inc. (NYSE: GDI) announced that on
August 17, 2017, it entered into an amendment to its existing
credit agreement that repriced and extended its term loan
facilities.
The amendment refinanced the previously existing senior secured
U.S. dollar term loan facility with a replacement $1,285.5 million
senior secured U.S. dollar term loan facility and the previously
existing senior secured Euro term loan facility with a replacement
€615.0 million senior secured Euro term loan facility. The
amendment also lowered the interest rate applicable to both the
U.S. dollar and Euro term loans. The new applicable margin for
loans under the new U.S. dollar term loan facility is 2.75% for
LIBOR loans and 1.75% for base rate loans; and the new applicable
margin for loans under the new Euro term loan facility is 3.00% for
LIBOR loans. The amendment extended the maturity for both the U.S.
dollar and Euro term loans to July 2024.
The company expects to realize an annualized interest expense
savings of approximately $18 million based on the current principal
balance outstanding and assuming LIBOR remains at its current
rate.
The description of the amendment is only a summary, and is
qualified in its entirety by reference to the complete amendment, a
copy of which will be filed as an exhibit on Form 8-K with the
SEC.
About Gardner Denver
Gardner Denver (NYSE: GDI) is a leading global provider of
mission-critical flow control and compression equipment and
associated aftermarket parts, consumables and services, which it
sells across multiple attractive end-markets within the industrial,
energy and medical industries. Its broad and complete range of
compressor, pump, vacuum and blower products and services, along
with its application expertise and over 155 years of engineering
heritage, allows Gardner Denver to provide differentiated product
and service offerings for its customers' specific uses. Gardner
Denver supports its customers through its global geographic
footprint of 37 key manufacturing facilities, more than 30
complementary service and repair centers across six continents, and
approximately 6,300 employees world-wide. For more news and
information on Gardner Denver, please visit
www.gardnerdenver.com.
Forward Looking Statements
This press release includes certain disclosures which contain
“forward-looking statements.” You can identify forward-looking
statements because they contain words such as “will,” “believes”
and “expects.” Forward-looking statements are based on Gardner
Denver’s current expectations and assumptions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
may differ materially from those contemplated by the
forward-looking statements, which are neither statements of
historical fact nor guarantees or assurances of future performance.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements are set
forth in our filings with the Securities and Exchange Commission,
including our registration statement on Form S-1 and our most
recently filed Form 10-Q, as amended from time to time, under the
caption “Risk Factors.”
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Gardner Denver Holdings, Inc.Media & Investor Relations
ContactVikram Kini, (414) 212-4753vikram.kini@gardnerdenver.com
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