AZZ Inc. Announces Successful Repricing Of Its $400M Senior Secured Revolver Credit Agreement In Leverage-Neutral Transaction
Portfolio Pulse from Benzinga Newsdesk
AZZ Inc. (NYSE:AZZ) has successfully repriced its $400 million Senior Secured Revolver due May 2027, resulting in a reduction of interest rate margins and the removal of a 10 basis point Credit Spread Adjustment. This will lead to lower interest costs through the maturity of the facility. The company has also been working on reducing its net debt to EBITDA leverage ratio since acquiring Precoat Metals in May 2022.
December 21, 2023 | 9:33 pm
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AZZ Inc. has reduced its borrowing costs through a successful repricing of its $400 million Senior Secured Revolver, which will lead to significant interest savings.
The successful repricing of the credit agreement is likely to be viewed positively by investors as it directly reduces interest expenses, thereby potentially improving the company's net income and cash flow. This financial maneuver demonstrates prudent debt management and could lead to a more favorable view of the company's financial health in the short term.
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