Wabtec Announces Expanded Credit Facility

Rhea-AI Summary

Wabtec Corporation (NYSE: WAB) announced an updated credit agreement, enhancing its revolving credit facility from $1.2 billion to $1.5 billion, with an added $250 million delayed draw term loan. The new agreement extends the maturity date to August 2027 from the previous June 2023. The changes primarily involve a shift from LIBOR to a SOFR-based pricing structure, maintaining other terms largely unchanged. PNC Bank acts as the administrative agent, with various banks as syndication agents.

Positive

• Increased revolving credit facility from $1.2 billion to $1.5 billion.
• Added a $250 million delayed draw term loan facility.
• Extended maturity date of the credit facility to August 2027.

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• None.

PITTSBURGH--(BUSINESS WIRE)-- Wabtec Corporation (NYSE: WAB) announced today that it signed an amended and restated credit agreement that will increase the size of its existing revolving credit facility from $1.2 billion to $1.5 billion and added a $250 million delayed draw term loan facility. The facility, previously due to expire in June 2023, now has a maturity date of August 2027. The terms and provisions of the new facility are materially unchanged from the existing credit facility, subject to a pricing structure change revising the LIBOR-based pricing grid to a SOFR-based pricing grid, among other business-specific changes.

PNC Bank, N.A. is acting as the administrative agent. Citi Bank N.A, HSBC, JPMorgan Chase Bank N.A., and TD Bank N.A. are acting as co-syndication agents. BNP Paribas, Credit Agricole CIB, First National Bank, MUFG LTD, and US Bank N.A. are acting as co-documentation agents.

About Wabtec Corporation

Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at: www.WabtecCorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005050/en/

Wabtec Investor Contact

Kristine Kubacki, CFA / Kristine.Kubacki@wabtec.com / 412-450-2033

Wabtec Media Contact

Deia Campanelli / Deia.Campanelli@wabtec.com / 773-297-0482

Source: Wabtec Corporation

FAQ

What is the significance of Wabtec's new credit agreement announced in August 2023?

Wabtec's credit agreement increases access to capital with a new revolving credit facility of $1.5 billion and adds a $250 million term loan, extending financial flexibility through 2027.

How much did Wabtec increase its revolving credit facility from the previous amount?

Wabtec increased its revolving credit facility from $1.2 billion to $1.5 billion.

What is the new maturity date for Wabtec's credit facility?

The new maturity date for Wabtec's credit facility is August 2027.

What change was made to the pricing structure in Wabtec's amended credit agreement?

The pricing structure was changed from a LIBOR-based pricing grid to a SOFR-based pricing grid.