AMETEK Announces New Term Loan

Rhea-AI Summary

AMETEK, Inc. (NYSE: AME) has secured a new five-year, delayed draw term loan of up to $800 million with existing lenders. The proceeds will be allocated to repay current borrowings and support the company's acquisition growth strategy. This loan features the same pricing as the revolving credit facility and allows for repayment without penalties. AMETEK, a leader in electronic instruments and electromechanical devices, reported over $4.5 billion in sales in 2020, targeting double-digit growth in earnings per share.

Positive

• Secured a new term loan of up to $800 million to support acquisition strategy.
• Loan proceeds will enhance liquidity by repaying existing borrowings.

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• None.

BERWYN, Pa., April 29, 2021 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) announced that it has entered into a new five-year, delayed draw, bank term loan for up to $800 million with existing lenders under our revolving credit facility. The term loan drawn pricing is the same as borrowings under the revolving credit facility and can be repaid at any time without penalty. Proceeds from the term loan will be used to repay borrowings under the revolving credit facility and to provide capital to support our acquisition growth strategy.

JPMorgan Chase Bank, N.A., acted as lead arranger while Bank of America N.A., Wells Fargo Bank, PNC Bank and Truist Bank acted as joint lead arrangers for the term loan, leading a syndicate that includes 5 additional banks.

Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annual sales in 2020 of more than $4.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500.

Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
kevin.coleman@ametek.com
Phone: 610.889.5247

View original content:http://www.prnewswire.com/news-releases/ametek-announces-new-term-loan-301279664.html

SOURCE AMETEK, Inc.

FAQ

What is AMETEK's new term loan amount?

AMETEK has secured a new term loan of up to $800 million.

When was the term loan announced by AMETEK?

The term loan was announced on April 29, 2021.

What will the proceeds from AMETEK's term loan be used for?

The proceeds will be used to repay borrowings under the revolving credit facility and fund acquisition growth.

Who acted as lead arranger for AMETEK's term loan?

JPMorgan Chase Bank, N.A. acted as the lead arranger.

How does AMETEK plan to achieve its growth objectives?

AMETEK aims for double-digit earnings per share growth through various strategies, including acquisitions.