Agco looks to lower pricing on its U.S., euro term loans

By Sara Rosenberg

New York, Aug. 6 - Agco Corp. held a conference call for lenders on Thursday regarding a repricing of its U.S. and euro term loans, according to a market source. Rabobank is the lead bank on the deal.

The company is hoping to reprice its U.S. term loan at Libor plus 175 basis points from Libor plus 225 basis points and its euro term loan at Libor plus 200 basis points from Libor plus 225 basis points, the source said.

Agco opted to come to market with this amendment because of improved financial performance and market conditions, the source explained.

Originally, the U.S. term loan was sized at $300 million and the euro term loan was sized at the equivalent of $150 million; however, these sizes have changed a bit since the company first closed on this credit facility due to some paydowns.

Lender consents are due on Aug. 12.

Agco is a Duluth, Ga., manufacturer and distributor of agricultural equipment and related replacement parts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.