AZZ INC. (NYSE:AZZ) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
entered into that certain Amended and Restated Credit Agreement
(the 2017 Credit Agreement), by and among the Company, as borrower,
Bank of America, N.A. as Administrative Agent, Swing Line Lender
and L/C Issuer (Bank of America), and the other lenders party
thereto (collectively, the Lenders).
dated March 27, 2013, by and among the Company, Bank of America and
the other Lenders party thereto (such credit agreement, as amended
by that certain First Amendment, dated as of August 8, 2016, by and
among the Company, Bank of America and the Lenders, the Credit
Agreement) to, among other things, (i) extend the maturity date
until March 21, 2022, (ii) provide for a senior revolving credit
facility in a principal amount of up to $450 million, with an
additional $150 million accordion, (iii) include a $75 million
sublimit for the issuance of standby and commercial letters of
credit, (iv) include a $30 million sublimit for swing line loans,
(v) restrict indebtedness incurred in respect of capital leases,
synthetic lease obligations and purchase money obligations not to
exceed $20 million, (vi) restrict investments in any foreign
subsidiaries not to exceed $50 million in the aggregate, and (vii)
include various financial covenants and certain restricted payments
relating to dividends and share repurchases as specifically set
forth in the 2017 Credit Agreement.
unsecured, but all of the Company’s subsidiaries (other than the
subsidiaries organized in a jurisdiction outside of the United
States) have guaranteed such obligations.
Credit Agreement does not purport to be complete and is qualified
in its entirety by reference to the 2017 Credit Agreement, a copy
of which is attached hereto as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
Form 8-K is incorporated by reference into this Item 2.03.
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Exhibit No.
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Description
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10.1
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Amended and Restated Credit Agreement, dated as of March
21, 2017. |
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99.1
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Press Release announcing new revolving credit agreement,
dated as of March 24, 2017. |
About AZZ INC. (NYSE:AZZ)
AZZ Inc. is a provider of galvanizing services, welding solutions, specialty electrical equipment and engineered services to the power generation, transmission, distribution, refining and industrial markets. The Company operates through two segments: Energy segment and Galvanizing segment. Its Energy segment provides products and services designed to support industrial, nuclear and electrical applications. Its product offerings include custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion proof and hazardous duty lighting, nuclear safety-related equipment and tubular products. Its Galvanizing segment provides hot dip galvanizing to the steel fabrication industry through facilities located throughout the United States and Canada. It serves fabricators or manufacturers that provide services to the electrical and telecommunications, bridge and highway, petrochemical and general industrial markets and various original equipment manufacturers. AZZ INC. (NYSE:AZZ) Recent Trading Information
AZZ INC. (NYSE:AZZ) closed its last trading session up +0.15 at 57.00 with 59,849 shares trading hands.
