Six institutions participated in lending syndicate
Racine-based Modine Manufacturing Co., a manufacturer of thermal management products and systems, has finalized a new four year $145 million revolving credit facility.
The facility, which represents the company’s long term debt, was made possible through a lending syndicate made up of six participating financial institutions – JPMorgan Chase Bank, U.S. Bank, Wells Fargo Bank, Marshall & Ilsley Bank, Associated Bank, and Comerica Bank served as lenders.
JP Morgan Chase acted as administrative agent, LC issure and swing line lender; U.S. Bank and Wells Fargo served as syndication agents, and Marshall & Ilsley served as documentation agent.
“We appreciate the support of our lenders in the refinancing process,” said Michael B. Lucareli, vice president of finance, chief financial officer and treasurer said. “These new debt facilities reflect the tremendous progress we have made during the past 12 months to strengthen our balance sheet and improve our operational performance. Further, we believe these new facilities will provide Modine greater flexibility and ample liquidity to execute our current business plans, while at the same time significantly reducing our interest costs.”
