Curtiss-Wright Corporation (NYSE: CW) entered into a new credit agreement with nine banks, establishing a $1 billion revolving credit facility with an accordion feature of $500 million, according to a company statement.

The new five-year facility matures in May 2031, replacing a prior credit facility that was scheduled to expire in May 2027. The terminated facility has been replaced entirely by this new arrangement.

"We are pleased to announce the successful execution of our new and expanded revolving credit facility, facilitating greater financial flexibility to deliver on our disciplined capital allocation strategy," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.

The company plans to use the credit facility for general corporate purposes, including potential future acquisitions and internal growth initiatives. The agreement includes financial and debt covenants similar to those in the previous facility.

Curtiss-Wright operates as an integrated business providing engineered products and services primarily to aerospace and defense markets, along with commercial nuclear power and industrial sectors. The Davidson, North Carolina-based company employs approximately 9,100 people globally.