News Details
CURTISS-WRIGHT AMENDS, EXPANDS AND EXTENDS $500 MILLION CREDIT FACILITY
October 18, 2018
DAVIDSON, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) today announced that it has entered into an amended credit agreement with a group of seven banks extending the maturity date of its $500 million credit facility through October 2023 and expanding the accordion feature by $100 million to $200 million. The Company plans to use the credit facility for working capital purposes, internal growth initiatives, funding of possible future acquisitions and other general corporate purposes.
“The successful completion of this financing provides us with greater financial flexibility to execute on our balanced capital allocation strategy that consists of reinvesting in our business, supplementing our organic growth with strategic acquisitions, and returning capital to shareholders," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “While we will continue to grow Curtiss-Wright through our strong cash flow generation, this expanded facility allows us to maintain a strong and healthy balance sheet.”
Bank of America is the Administrative Agent; Merrill Lynch, JPMorgan Chase and Wells Fargo served as Joint Lead Arrangers and Joint Bookrunners; JPMorgan Chase and Wells Fargo are the Syndication Agents; and Citizens Bank is the Documentation Agent. The revised agreement eliminates one covenant and otherwise provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.
ABOUT CURTISS-WRIGHT CORPORATION
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,600 people worldwide. For more information, visit www.curtisswright.com.
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Curtiss-Wright Corporation
Jim Ryan, 704-869-4621
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Source: Curtiss-Wright Corporation