Wabtec Closes $600 Million Credit Facility
Wabtec Corporation (NYSE: WAB) today announced that it has closed a new, five-year, $600 million revolving credit facility, which provides the company with increased flexibility and borrowing capacity. The new facility replaces the company's existing $500 million credit agreement, which included a term loan and revolver, both of which were set to expire in 2013.
Alvaro Garcia-Tunon, Wabtec's executive vice president, chief financial officer and secretary, said: "Combined with our strong cash flow, this new financing provides more than adequate capital and flexibility for Wabtec to continue to invest in our global growth initiatives. We're gratified by the strong support of our banks and value their confidence in our business."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.