Bloomfield aerospace manufacturer Kaman Corp. has opened a new five-year, $500 million credit facility to replace its prior $317.5 million credit line.
The deal consists of a $400 million revolving credit line and a term loan of $100 million. Kaman can increase the amount of $700 million with additional commitment from its borrowers.
The company will use this increased credit flexibility to execute its growth strategy, said William Denninger, chief financial officer for Kaman.
The credit line is an arrangement with nearly 20 separate banks and lenders, including Bank of America, Webster Bank, J.P. Morgan Securities, and SunTrust Bank.
