AZZ Inc. announced the successful completion of the repricing of its $400 million Senior Secured Revolving Line of Credit. This action is expected to result in significantly lower interest costs for the company through the maturity of the facility.
The repricing decreased the interest rate margin applicable to the Revolving Credit Loans from a range of 275-350 basis points to a new range of 175-275 basis points, subject to leverage ratio step-downs. Additionally, the Commitment Fee was reduced from 25-37.5 basis points to 20-30 basis points.
Letter of Credit Fees also saw a reduction, moving from 425 basis points to a range of 175-275 basis points. Chief Financial Officer Jason Crawford emphasized that this repricing demonstrates the company's ongoing commitment to interest expense reduction.
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