Schawk (SGK) Enters New $125M unsecured Revolver
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Schawk, Inc. (NYSE: SGK), has refinanced its $90 million senior secured revolving credit facility through a new $125 million unsecured senior revolving credit facility. In addition, the company has separately entered into a new unsecured $75 million private shelf facility.
The new $125 million unsecured facility, which matures in January 2017, lowers the company's current interest rate (at closing) by approximately 125 basis points for revolver-based borrowings. The facility bears interest at a rate of LIBOR plus a margin that varies with the company's leverage ratio. At closing, that margin is 175 basis points.
The outstanding amount borrowed under the former $90 million revolving credit facility, which was due to expire in July 2012, was approximately $69 million at December 31, 2011. The unutilized portion of the new $125 million facility will be used for general corporate purposes, such as working capital and capital expenditures, and, to the extent opportunities arise, acquisitions and investments.
The new $125 million unsecured facility, which matures in January 2017, lowers the company's current interest rate (at closing) by approximately 125 basis points for revolver-based borrowings. The facility bears interest at a rate of LIBOR plus a margin that varies with the company's leverage ratio. At closing, that margin is 175 basis points.
The outstanding amount borrowed under the former $90 million revolving credit facility, which was due to expire in July 2012, was approximately $69 million at December 31, 2011. The unutilized portion of the new $125 million facility will be used for general corporate purposes, such as working capital and capital expenditures, and, to the extent opportunities arise, acquisitions and investments.
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