Columbus McKinnon Announces Successful Completion of Term Loan B Repricing
19 Março 2024 - 9:00AM
Business Wire
Columbus McKinnon Corporation (Nasdaq: CMCO) (“Columbus
McKinnon” or the “Company”), today announced that it successfully
completed the repricing of its $497.6 million senior secured Term
Loan B (“TLB”). The repricing is net leverage neutral and reduces
the interest rate margin applicable to the TLB by 25 basis points
to SOFR plus 2.50% from SOFR plus 2.75% and, with respect to the
TLB, removes the credit spread adjustment, which was previously 26
basis points for an interest period of three months. The Company
estimates the TLB repricing will produce annualized cash interest
expense savings of approximately $2.5 million. Fees and expenses
related to the repricing were approximately $1.1 million.
"We are pleased to complete the repricing of our Term Loan B.
With favorable market conditions and our improved financial
results, we were able to meaningfully reduce our cost of debt,"
said Greg Rustowicz, Executive Vice President and Chief Financial
Officer. “We have an efficient capital structure and remain focused
on reducing our net leverage through a combination of debt
reduction and Adjusted EBITDA growth. The repricing of our Term
Loan B will result in lower interest expense in fiscal year 2025
and be accretive to earnings per share.”
No other material changes were made to the terms and conditions
of the TLB. The maturity date for the TLB remains May 14, 2028.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer
and marketer of intelligent motion solutions that move the world
forward and improve lives by efficiently and ergonomically moving,
lifting, positioning, and securing materials. Key products include
hoists, crane components, precision conveyor systems, rigging
tools, light rail workstations, and digital power and motion
control systems. The Company is focused on commercial and
industrial applications that require the safety and quality
provided by its superior design and engineering know-how.
Comprehensive information on Columbus McKinnon is available at
www.cmco.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are generally identified by
the use of forward-looking terminology, including the terms
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“illustrative,” “intend,” “likely,” “may,” “opportunity,” “plan,”
“possible,” “potential,” “predict,” “project,” “shall,” “should,”
“target,” “will,” “would” and, in each case, their negative or
other various or comparable terminology. All statements other than
statements of historical facts contained in this document,
including, but are not limited to, statements relating to: (i) the
amount of annualized cash interest expense savings for the Company
as a result of the TLB repricing; and (ii) the impact that the
repricing of the TLB will have on the Company’s interest expense in
2025 and earnings per share, are forward looking statements.
Forward-looking statements are not based on historical facts, but
instead represent our current expectations and assumptions
regarding our business, the economy and other future conditions,
and involve known and unknown risks, uncertainties and other
factors that could cause the actual results, performance or
achievements of the Company to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. It is not possible to predict or
identify all such risks. These risks include, but are not limited
to, the risk factors that are described under the section titled
“Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2023 as well as in our other filings with the
Securities and Exchange Commission, which are available on its
website at www.sec.gov. Given these uncertainties, you should not
place undue reliance on these forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Columbus McKinnon undertakes no duty to update publicly any such
forward-looking statement, whether as a result of new information,
future events or otherwise, except as may be required by applicable
law, regulation or other competent legal authority.
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version on businesswire.com: https://www.businesswire.com/news/home/20240319545204/en/
Gregory P. Rustowicz EVP Finance and CFO Columbus McKinnon
Corporation 716-689-5442 greg.rustowicz@cmco.com
Kristine Moser VP IR and Treasurer Columbus McKinnon Corporation
704-942-3253 kristy.moser@cmco.com
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