AAR Increases Credit Line To $250 Million
AAR CORP. (NYSE: AIR) announced today that it has amended its senior, unsecured credit agreement. The amendment increases the revolving credit amount from $140 million to $250 million, which may be increased to $325 million under certain circumstances. LaSalle Bank National Association serves as the lead bank in the syndicate of banks making this credit line available to AAR.
“We continue to see excellent opportunities in the markets where AAR participates and the amended agreement positions the Company to capitalize on these growth opportunities,” said Rick Poulton, Vice President and Chief Financial Officer for AAR CORP. “We are very pleased that our bank team recognizes the significant accomplishments of AAR over the last year as we were able to improve the size, pricing and certain terms of the agreement.”
Under the amended agreement the interest rate fluctuates between LIBOR plus 100 to 225 basis points, based on certain financial measurements, and the termination date was extended one year, to August 31, 2011.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.