Upsized Revolver increases cash availability by $150 million.
Anthony Locicero, Associate editor05.14.21
Axalta announced it has entered into a Tenth Amendment to its Credit Agreement to, among other things, increase commitments available pursuant to the revolving credit facility, which is currently undrawn, from $400 million to $550 million and extend the maturity of the revolving credit facility to 2026.
The Tenth Amendment is supported by a lending syndicate arranged and led by Barclays Bank PLC, as administrative and collateral agent.
“The amendment to our revolving credit facility is a strategic move intended to bolster our long-term capital structure, which we believe, coupled with our strong free cash flow generation, will allow Axalta to continue on its path of disciplined growth while enhancing our financial flexibility,” said Sean Lannon, senior VP and CFO of Axalta. “The increased capacity and extension of our revolving credit facility will continue to support our intentions to execute and capitalize on our strategic growth initiatives.”
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