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Allient restates $280 million revolver, extends to 2029
By Wendy Van Sickle
Columbus, Ohio, March 4 – Allient Inc. and subsidiary Allied Motion Technologies BV entered into a third amended and restated credit agreement on March 1 with HSBC Bank USA, NA as administrative agent to amend and restate its existing credit agreement dated Aug. 23, 2022, according to an 8-K filing with the Securities and Exchange Commission.
The maximum availability under the new revolver continues to be $280 million. There is a $50 million accordion feature.
The restated credit agreement matures on March 1, 2029.
HSBC, Wells Fargo Bank NA, TD Bank, NA and PNC Capital Markets LLC are the lead arrangers and bookrunners.
Citizens Bank, NA is the syndication agent.
Loans will bear interest at term SOFR, plus an applicable margin ranging from 125 bps to 250 bps based on the company’s leverage ratio.
The revolver carries an unused fee that ranges from 15 bps to 32.5 bps based on the company’s leverage ratio.
The restated credit agreement contains financial covenants that require that the company maintain a minimum interest coverage ratio of at least 3.0 to 1.0 at the end of each fiscal quarter. In addition, the company’s leverage ratio at the end of any fiscal quarter must not be greater than 4.25 to 1.0 (reduced to 3.75 to 1.0 for quarters ending on or after Dec. 31, 2024); provided that the company may elect to temporarily increase the leverage ratio by 0.5 times during the 12-month period following a material acquisition.
Borrowings continue to be secured by substantially all of the company’s non-realty assets and is fully and unconditionally guaranteed by some of its subsidiaries.
Allient designs, manufactures and sells precision and specialty motion control components and systems for vehicle, medical, aerospace and defense, electronics and industrial markets. The company is based in Amherst, N.Y.
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