Transcat, Inc., a key player in test measurement and calibration, has closed a new 5-year $150 million secured credit facility. This syndicated deal is led by M&T Bank, with additional backing from Wells Fargo Bank and Bank of America. It replaces the company’s previous $80 million facility with M&T Bank.
The newly secured credit facility offers a revolving structure with multiple borrowing options. These include revolving loans, swingline loans, and letters of credit. It also introduces provisions for leverage ratio flexibility during permitted acquisitions. Interest will be calculated using either the Base Rate or SOFR, plus an applicable margin.
Transcat will use this credit facility to repay the former M&T agreement. Additionally, the funds will support future acquisitions, working capital, and general corporate needs. CFO Tom Barbato emphasized the enhanced capital access from M&T, along with added support from top-tier lenders Wells Fargo and Bank of America.
He stated this new facility ensures funding for strategic acquisitions and internal initiatives. It aligns with Transcat’s aggressive growth plans and long-term shareholder value creation. Barbato credited strong banking interest to the company’s solid growth record and profitability.
Steve Epping of M&T Bank also commented, expressing pride in supporting Transcat’s mission. He highlighted their continued commitment to helping the company scale calibration services and meet critical industry demands.
Want to stay ahead of the curve in personal finance? Dive into more expert-driven insights at Finance Tech News.
News Source: Businesswire.com
