Kaman Closes $225 Million Credit Facility

Resource from: CBCC Likes:2932

Nov 17,2009

Kaman Corp. (USA NASDAQ: NYSE: KAMN; 5251R9N7), despite the current economic climate, has replaced a 5-year $200 million revolving credit facility with one covering the next 3 years and offering $225 million. Because Kaman's lenders were actually willing to go well beyond the $225 million, the revolver includes a facility which allows them to do that; up to $300 million will maintain the same agreement. Recently focusing more resources to industrial distribution, Kaman is North America's third-largest distributor of bearings and power transmission products. Kaman Industrial Technologies carries almost 3 million SKUs in 200 branches, DCs and customer service centers across the U. S., Canada and Mexico. KIT also offers a variety of value-added services. The company's other business unit is a key player in airframe components aerospace component supply markets. CFO William Denninger said: "Upsizing our revolver in the current environment is a significant accomplishment, and we were encouraged by the strong interest from the banking community. We brought in six new lenders and were well over-subscribed. This agreement increases our availability of credit and in conjunction with our shelf registration, which took effect in August, provides significant access to capital and continue to execute our growth strategy." The lead banks are BofA, Bank of Nova Scotia, and RBS. Others include JPMorgan Chase, KeyBanc, TD, BB&T, Fifth Third, Webster, Northern Trust, US Bank, Sovereign, and UBS.

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