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Curtiss-Wright Announces New and Expanded Revolving Credit Facility to Support Future Growth
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Rhea-AI Summary
Curtiss-Wright Corporation (NYSE: CW) has announced a new credit agreement with eight banks, increasing its revolving credit facility to $750 million and expanding the accordion feature by $250 million. The five-year term will mature in May 2027, replacing the previous facility set to expire in October 2023. This funding aims to enhance financial flexibility for general corporate purposes, including acquisitions and growth initiatives, supporting the company’s Pivot to Growth strategy.
Positive
Increased revolving credit facility to $750 million enhances financial flexibility.
Accordion feature expanded by $250 million, providing additional funding options.
Funding will support strategic acquisitions and organic growth initiatives.
Negative
None.
DAVIDSON, N.C.--(BUSINESS WIRE)--
Curtiss-Wright Corporation (NYSE: CW) today announced that it has entered into a new credit agreement with a group of eight banks increasing the size of its revolving credit facility to $750 million, while also expanding the accordion feature to $250 million. The new replacement credit facility has a five-year term set to mature in May 2027. The prior credit facility which was set to expire in October 2023 has been terminated.
Curtiss-Wright expects to use the credit facility for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives.
“We are pleased to announce the execution of our new and expanded revolving credit facility, as the successful completion of this financing provides us with greater financial flexibility to execute on our balanced capital allocation strategy that consists of pursuing strategic acquisitions, reinvesting in our business to drive organic growth, and returning capital to our shareholders," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “This credit facility allows us to bolster our already strong and healthy balance sheet, and along with our strong cash flow generation, will provide continuous opportunities to deliver on our Pivot to Growth strategy.”
J.P. Morgan is the Administrative Agent; J.P. Morgan, Bank of America and Wells Fargo served as Joint Lead Arrangers and Joint Bookrunners; Bank of America and Wells Fargo are the Syndication Agents; and Citizens Bank is the Documentation Agent. The new agreement provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of 7,800 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
