Kaman closes on new $500m five-year credit facility

Kaman Corporation has closed on a new five-year $500m credit facility replacing its prior $317.5m credit facility. The facility includes a collateralized security agreement and carries a standard financial covenant package, which the company believes reflects current market terms and conditions. The facility consists of a $400 million revolving credit facility and a term loan of $100m. The new facility includes an accordion feature that allows the company to increase the aggregate amount available to up to $700m with additional commitments from lenders; consisting of a $100m revolving credit component, and a $100m term loan component. The initial interest rate for borrowings under the facility will be LIBOR plus 150 basis points.