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Raven Industries Announces Replacement of Corporate Credit Facility
September 24, 2019
Source: Yahoo Finance
Raven Industries, Inc. (the Company) (RAVN), announced today that it has entered a new, three-year, $100 million senior unsecured multi-currency revolving credit facility (the “Credit Facility”), with BofA Securities, Inc. acting as sole bookrunner and lead arranger. The Credit Facility also includes an uncommitted $100 million borrowing availability expansion feature, which would bring the Company’s total borrowing capacity to $200 million. This new Credit Facility replaces the Company’s prior credit agreement, which was scheduled to expire next fiscal year.
“We have a strong track record of putting capital to work where it can generate very attractive financial returns,” said Steven Brazones, Vice President and CFO. “The Company’s strong earnings and cash flows provide more than enough funding for our organic growth strategy, but as we continue to evaluate a growing number of strategic acquisition opportunities, it is important to maintain access to committed financing at attractive borrowing rates. This revolving credit facility accomplishes that and ensures continued flexibility to pursue increased acquisition activity to augment our long-term profit growth.”
About Raven Industries, Inc.:
Raven Industries (RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.
Investor Relations Director
Raven Industries, Inc.
+1 (605) 336-2750