Resource logo with tagline

Chart Industries shaves 50bps off of term loan in repricing

The engineered equipment manufacturer will save $9m in annual interest expense following the repricing.

Chart Industries, Inc., a global engineering design and manufacturer of highly engineered equipment servicing multiple applications in clean energy and industrial gas markets, has successfully syndicated the repricing of its $1,78m senior secured term loan facility, which matures on March 17, 2030.

Following the completion of the repricing, all outstanding amounts under the term loan will bear interest at a rate per annum equal to SOFR with a 0.50% floor, plus a 0.10% credit spread adjustment plus a margin equal to 3.25%. The repricing represents a reduction of 0.50% per annum compared to the SOFR margin applicable prior to the repricing.

This is anticipated to result in cost savings of approximately 9$m in annual interest expense on the term loan.

“The repricing of our Term Loan is an important step as we continue to optimize our capital structure,” stated Jill Evanko, Chart’s CEO and President. “The transaction was met with strong lender demand, allowing us to achieve significant go-forward interest expense savings.”

The repricing described above is expected to be implemented via an amendment to Chart’s fifth amended and restated credit agreement, which is expected to close in October 2023, subject to customary closing conditions and the execution of definitive documentation.

Unlock this article

The content you are trying to view is exclusive to our subscribers.
To unlock this article:

You might also like...

exclusive

3Q deals in focus: Macquarie’s investment in Atlas Agro

In one of the largest and most compelling clean fuels deals of 3Q23, Macquarie made a $325m investment into Americas-focused Atlas Agro, a developer of industrial-scale green nitrogen fertilizer plants that utilize green hydrogen as a feedstock. William Demas, head of Macquarie Asset Management Green Investments in the Americas, provides a closer look.

Read More »

Welcome Back

Get Started

Sign up for a free 15-day trial and get the latest clean fuels news in your inbox.