Valmont Industries Announces New $400M Revolving Credit Line, May Boost to Added $200M
Valmont Industries, Inc. (NYSE: VMI), a leading global manufacturer of engineered products for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services, announced today that it has successfully renegotiated a new revolving bank credit facility.
The Credit Agreement provides for a $400 million committed unsecured revolving credit facility that matures on August 15, 2017. Under the Credit Agreement, up to $25 million will be available for swingline loans, up to $75 million will be available for letters of credit and up to $200 million will be available for borrowings in foreign currencies. The Company may increase the credit facility by up to an additional $200 million at any time, subject to lenders increasing the amount of their commitments. The obligations arising under the Credit Agreement are guaranteed by the Company and its wholly-owned subsidiaries PiRod, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., Valmont Group Pty. Ltd. and Valmont Queensland Pty. Ltd.
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