Bloomfield manufacturer-distributor Kaman Corp. says it repriced a pair of credit lines to cut borrowing costs.
One is a $275 million revolving credit line, the other a $39 million term loan facility.
Kaman says the re-priced facilities will initially have a reduced interest rate of the London interbank overnight rate (LIBOR) plus 137.5 basis points compared to the previous LIBOR plus 200 basis points.
One hundred basis points equals one percentage point.
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The facility was brought to market by co-leads Bank of America, RBS Citizens and JPMorgan Chase. Other lenders are BB&T, KeyBanc, SunTrust, TD Bank, Fifth Third, Northern Trust, PNC Bank, Sovereign Bank, UBS, US Bank and Webster Bank.
