Actuant extends and expands senior credit facility
Butler-based Actuant Corp. has extended and amended its senior credit facility, allowing it to borrow an additional $110 million over a three-year term. The credit facility is now $515 million total, including a $400 million revolving line of credit and a $115 million term loan.
"Given the difficult credit market and challenging economic conditions, we believe that Actuant’s ability to extend and expand its credit agreement is a testament to our strong relationships with our bank partners as well as their confidence in our business," said Andrew Lampereur, Actuant chief financial officer. "Between cash on hand and availability under the facility, we have existing liquidity in excess of $200 million. This, together with Actuant’s strong free cash flow and the credit facility’s $300 million expansion feature, will provide the capital necessary to continue to fund our growth strategy."
Borrowings under the credit facility are subject to a pricing grid, with initial borrowings priced at LIBOR plus 250 basis points. The facility was arranged by J.P. Morgan Securities Inc, Banc of America Securities LLC and Wells Fargo Bank, N.A.
United Way needs big push to make goal
With only three weeks left in its annual fundraising campaign, the United Way of Greater Milwaukee has raised slightly more than $30 million, but that is only 68 percent of its $44 million goal.
"We’re hopeful we can achieve our goal," said United Way co-chair Mary Ellen Stanek, managing director for Baird Advisors of Milwaukee-based Robert W. Baird & Co. Inc. "Staying on pace toward our goal is critical. About 50 percent of charitable giving by individuals is done between Thanksgiving and New Year’s Eve. But we hope we can persuade donors to give to United Way now – especially when considering the growing needs of our neighbors as we head into the holiday season."
The United Way campaign will conclude Dec. 4. People can give to United Way through their workplace by calling (414) 263-8100 or online at www.liveunitedmilwaukee.org.