Ametek adds $800 million five-year delayed-draw term loan

By Wendy Van Sickle

Columbus, Ohio, April 29 – Ametek, Inc. amended and restated its credit agreement dated Sept. 22, 2011, adding a five-year delayed-draw term loan for up to $800 million, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA acted as lead arranger, and Bank of America NA, Wells Fargo Bank, PNC Bank and Truist Bank acted as joint lead arrangers.

Term loan borrowings will bear interest at Libor plus a spread ranging from 87.5 basis points to 150 bps, depending on leverage ratio.

Proceeds from the term loan will be used to repay borrowings under the company’s revolving credit facility and to provide capital to support its acquisition growth strategy.

Ametek is a Berwyn, Pa.-based manufacturer of electronic instruments and electro-mechanical devices.

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