Cadre Holdings Announces Expansion to Credit Facilities
Cadre Holdings (NYSE: CDRE) has secured new credit facilities totaling $590 million with a five-year maturity. The financing package includes a $175 million undrawn revolving credit facility, a $225 million term loan, and two delayed draw term loans of $115 million and $75 million.
The company plans to use the revolving credit facility and term loan for working capital, general corporate purposes, and refinancing existing debt. The delayed draw term loans will support acquisition activities, with the $115 million facility available for six months and the $75 million facility for eighteen months.
Combined with $93.0 million in cash and equivalents as of September 30, 2024, Cadre now has approximately $458.0 million of capital for growth objectives.
Cadre Holdings (NYSE: CDRE) ha ottenuto nuove linee di credito per un totale di 590 milioni di dollari con una scadenza di cinque anni. Il pacchetto di finanziamento include una linea di credito revolving non utilizzata di 175 milioni di dollari, un prestito a termine di 225 milioni di dollari e due prestiti a termine con prelievo posticipato di 115 milioni di dollari e 75 milioni di dollari.
L'azienda prevede di utilizzare la linea di credito revolving e il prestito a termine per capitale circolante, scopi corporate generali e rifinanziamento del debito esistente. I prestiti a termine con prelievo posticipato supporteranno le attività di acquisizione, con la linea da 115 milioni di dollari disponibile per sei mesi e quella da 75 milioni di dollari per diciotto mesi.
Combinato con 93 milioni di dollari in contante e equivalenti al 30 settembre 2024, Cadre ora dispone di circa 458 milioni di dollari di capitale per obiettivi di crescita.
Cadre Holdings (NYSE: CDRE) ha logrado nuevas facilidades crediticias por un total de 590 millones de dólares con un vencimiento de cinco años. El paquete de financiamiento incluye una facilidad de crédito revolving no utilizada de 175 millones de dólares, un préstamo a plazo de 225 millones de dólares y dos préstamos a plazo con opción de retiro diferido de 115 millones de dólares y 75 millones de dólares.
La compañía planea utilizar la facilidad de crédito revolving y el préstamo a plazo para capital de trabajo, fines corporativos generales y refinanciamiento de deudas existentes. Los préstamos a plazo con opción de retiro diferido apoyarán las actividades de adquisición, con la línea de 115 millones de dólares disponible por seis meses y la de 75 millones de dólares por dieciocho meses.
Combinado con 93 millones de dólares en efectivo y equivalentes al 30 de septiembre de 2024, Cadre ahora tiene aproximadamente 458 millones de dólares de capital para objetivos de crecimiento.
Cadre Holdings (NYSE: CDRE)는 만기 5년의 새로운 대출 시설을 총 5억 9천만 달러 확보했습니다. 이 자금 조달 패키지에는 1억 7천5백만 달러의 미사용 회전 신용 시설, 2억 2천5백만 달러의 장기 대출 및 두 개의 지연 인출 장기 대출인 1억 1천5백만 달러와 7천5백만 달러가 포함됩니다.
회사는 회전 신용 시설과 장기 대출을 운영 자금, 일반 기업 용도 및 기존 부채의 재융자에 사용할 계획입니다. 지연 인출 장기 대출은 인수 활동을 지원하며, 1억 1천5백만 달러 시설은 6개월 동안, 7천5백만 달러 시설은 18개월 동안 사용할 수 있습니다.
2024년 9월 30일 기준으로 9천3백만 달러의 현금 및 현금성 자산과 합산하여, Cadre는 이제 약 4억 5천8백만 달러의 자본을 성장 목표에 사용할 수 있게 되었습니다.
Cadre Holdings (NYSE: CDRE) a obtenu de nouvelles lignes de crédit totalisant 590 millions de dollars avec une maturité de cinq ans. Le package de financement comprend une facilité de crédit revolving non utilisée de 175 millions de dollars, un prêt à terme de 225 millions de dollars et deux prêts à terme avec tirage différé de 115 millions de dollars et 75 millions de dollars.
L'entreprise prévoit d'utiliser la facilité de crédit revolving et le prêt à terme pour le fonds de roulement, des fins corporatives générales et le refinancement de dettes existantes. Les prêts à terme avec tirage différé soutiendront les activités d'acquisition, la ligne de 115 millions de dollars étant disponible pendant six mois et celle de 75 millions de dollars pendant dix-huit mois.
Combiné avec 93 millions de dollars en liquidités et équivalents au 30 septembre 2024, Cadre dispose désormais d'environ 458 millions de dollars de capital pour ses objectifs de croissance.
Cadre Holdings (NYSE: CDRE) hat neue Kreditfazilitäten in Höhe von insgesamt 590 Millionen US-Dollar mit einer Laufzeit von fünf Jahren gesichert. Das Finanzierungsangebot umfasst eine nicht in Anspruch genommene revolvierende Kreditfazilität in Höhe von 175 Millionen US-Dollar, ein 226 Millionen US-Dollar langfristiges Darlehen und zwei verzögert abrufbare Darlehen in Höhe von 115 Millionen US-Dollar und 75 Millionen US-Dollar.
Das Unternehmen plant, die revolvierende Kreditfazilität und das Darlehen für Betriebskapital, allgemeine Unternehmenszwecke und Refinanzierung bestehender Schulden zu nutzen. Die verzögert abrufbaren Darlehen werden die Akquisitionstätigkeiten unterstützen, wobei die 115 Millionen US-Dollar-Fazilität für sechs Monate und die 75 Millionen US-Dollar-Fazilität für achtzehn Monate zur Verfügung steht.
Zusammen mit 93 Millionen US-Dollar in Bar und Äquivalenten zum 30. September 2024 verfügt Cadre nun über insgesamt 458 Millionen US-Dollar an Kapital für Wachstumsziele.
- Secured substantial $590 million in credit facilities
- Extended debt maturity to five years
- Access to $458.0 million total capital for growth
- Flexible financing structure with delayed draw options for acquisitions
- Increased debt exposure through new credit facilities
- Potential interest expense burden from larger credit facilities
Insights
The new
The deal's structure is particularly noteworthy - the
For investors, this refinancing reduces near-term capital constraints and positions Cadre for accelerated inorganic growth in the law enforcement and military safety equipment sectors. The company's ability to secure this expanded facility amid current market conditions demonstrates robust underlying fundamentals and lender confidence in management's acquisition strategy.
This credit facility expansion reveals Cadre's aggressive but methodical approach to market consolidation. The
The timing and structure indicate a well-planned M&A roadmap targeting the fragmented safety equipment market. Cadre's 'patient and disciplined approach' suggests a focus on value-accretive acquisitions rather than growth at any cost. The involvement of multiple tier-1 banks validates the company's acquisition strategy and suggests thorough due diligence on potential targets.
This financing structure offers significant competitive advantages in deal negotiations - the ability to act quickly with committed capital often leads to better acquisition terms and preemptive opportunities. The extended availability of the second delayed draw facility also reduces pressure to deploy capital hastily, enabling more selective deal execution.
Upsized
The financing consists of a five-year undrawn revolving credit facility of
“This strategic refinancing provides more scale and financial flexibility with favorable terms and extended maturities, enabling Cadre to continue to proactively seek to capitalize on meaningful organic and inorganic growth opportunities,” said Warren Kanders, CEO and Chairman. “The agreement includes up to
PNC Bank is the administrative agent and left-lead arranger. Bank of America, Regions Bank, US Bank and Bank of Montreal acted as Joint Lead Arrangers on the Credit Facilities. Additional lenders are Wells Fargo, SouthState Bank and EverBank.
About Cadre
Headquartered in
Forward-Looking Statements
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
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Contact:
Gray Hudkins
Cadre Holdings, Inc.
203 550 7148
gray.hudkins@cadre-holdings.com
Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
212 477 8438 / 212 227 7098
lberman@igbir.com / mberkowitz@igbir.com
Media Contact:
Jonathan Keehner / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
212 355 4449
Source: Cadre Holdings, Inc.
FAQ
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