Kaman Corp. in Bloomfield, which makes bearings and structures for aircraft assembly, said Monday it closed on a four-year, $275 million revolving credit facility to replace a smaller plan, The Associated Press reports.
The new facility includes an accordion feature that lets the company increase the amount it can borrow up to $350 million. The initial interest rate will be 2.25 percentage points above the London interbank offered rate. It replaces a three-year, $225 million revolving credit facility.
Kaman said the maturity date on a $42.5 million term loan was extended to match the new revolving loan.
The company said the moves increased its access to credit to carry out its growth strategy.
The shares rose $1.13, or 4.6 percent, to $25.97.
