CIRCOR INTERNATIONAL, INC. (NYSE:CIR) Files An 8-K Other EventsItem 8.01Other Events.
Effective April 12, 2018, CIRCOR International, Inc. (the “Company”) entered into an interest rate swap to an International Swaps and Derivatives Association Master Agreement with Citizens Bank, National Association. The four-year swap has a fixed notional value of $400.0million with a maturity date of April 12, 2022 and where the fixed rate paid by the Company is 2.6475% and the variable rate received resets monthly to the greater of the one month LIBOR rate or 1.00%. The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. This hedging agreement was entered into to mitigate the interest rate risk inherent in the Company’s variable rate debt and is not for trading purposes.
About CIRCOR INTERNATIONAL, INC. (NYSE:CIR)
CIRCOR International, Inc. (CIRCOR) designs, manufactures and markets engineered products and sub-systems, which are used in the oil and gas, power generation, aerospace, defense and other industrial markets. The Company operates through two segments: CIRCOR Energy (Energy), and CIRCOR Aerospace & Defense (Aerospace & Defense). Its Energy segment provides engineered integrated flow control solutions, valves and services in the oil and gas, and power generation industries. Its Energy segment offers products in the service sector, which includes applications, such as process control, cryogenic, steam power generation systems and process systems. Its Aerospace & Defense segment focuses on areas of actuation systems and fluid control systems and services. Its Aerospace & Defense sub-systems, components and products are used in various commercial and military aircraft, including single and twin-aisle air transport, business and regional jets, and military transports and fighters.