Esco Technologies announces new credit facility
ESCO Technologies announced that it has finalized a commitment with its lenders to enter into a new, extended and increased credit facility. The new five-year agreement, which replaces the previous credit facility dated December 21, 2015, extends the maturity date through September 27, 2024, and lowers the total costs by reducing the outstanding borrowing rates and commitment fees. The new facility includes a $500M revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250M, if necessary, with the consent of the lenders. Proceeds from the new facility will be used to provide liquidity for general corporate purposes, including working capital, research and development spending, capital expenditures, and acquisitions.