New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 25, 2013
06:56 EDTCMCOColumbus McKinnon reports Q3 non-U.S. sales up 9.7%; U.S. sales up 5.4%
News For CMCO From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 26, 2015
07:01 EDTCMCOColumbus McKinnon to redeem $150M of Senior Subordinated Notes
Columbus McKinnon announced that proceeds from a term loan and new revolving credit facility, closed on January 23 will be used for the redemption of its $150M of 7 7/8% Senior Subordinated Notes Due 2019, which was announced on January 23. The Notes will be redeemed on February 23. Company said "This refinancing will significantly reduce our cash interest expense by approximately $7.6M annually and, will in effect, pay for itself in slightly over a year. The reduction in interest expense is expected to result in approximately 27c of earnings per diluted share in fiscal 2016." The cash interest savings are based on a weighted average interest rate of approximately 2.8%, which reflects the Company's policy of maintaining a fixed interest ratio of 50% to 70%. In connection with the redemption of the Notes, the Company expects to record a debt retirement charge of approximately $8.5M, which includes the call premium on the Notes, in the Q4. The new $150M senior secured revolving credit facility and new $125M delayed-draw senior secured term loan facility have five-year terms maturing in 2020. The proceeds from the new term loan and a $25M draw on the revolver will be used to redeem the Notes.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use