AZZ Inc., a Fort Worth, Texas-based provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, today announced it entered into a new credit agreement as of March 21, 2017.
The new five-year, $450 million revolving credit facility, which will expire on March 21, 2022, contains a $150 million accordion feature to upsize the facility to $600 million if needed, and also includes a $75 million sub-limit for the issuance of letters of credit. In a statement, the company says the new agreement “positions us to consider strategic opportunities that can add value to our business.”
"We believe the new credit facility accomplishes the important strategic goal of providing us significant financial flexibility at lower credit spreads that will support our growth initiatives,” said Paul Fehlman, AZZ's Chief Financial Officer.