Esterline amends facility to provide for new $100 million term loan

By Sara Rosenberg

New York, Feb. 14 - Esterline Technologies Corp. amended its credit facility, adding a $100 million term loan facility due Nov. 14, 2010 to the capital structure, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Furthermore, borrowings under the new term loan, up to $25 million under the existing revolver and up to $50 million in letters of credit can be borrowed by the company in euros or British pounds.

The company has drawn the new term loan, which is about £57 million, for working capital for its U.K. operations and to repay a portion of its outstanding revolver borrowings.

The new borrowings carry an interest rate of the British pounds deposit rate plus 50 to 112.5 basis points, based on leverage.

The amendment was completed on Feb. 10.

Wachovia Bank is the administrative agent on the deal.

Esterline is a Bellevue, Wash.-based manufacturing company providing for aerospace/defense and medical markets.

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