TNT completes $ 504 million refinancing – BIC Magazine


TNT Crane & Rigging LLC recently entered into a $ 385 million revolving credit facility on assets (the ABL facility) and a new $ 119 million 2-lien term loan (the 2L facility).

Proceeds from the ABL and 2L facilities will be used to repay all amounts outstanding under TNT’s Senior Credit Agreement and Takeback First Lien Credit Agreement, as well as associated fees and expenses. At closing, TNT had borrowed $ 230 million under the ABL facility, resulting in approximately $ 96 million of available liquidity as part of the formulation of the ABL facility’s borrowing base.

As a result of this refinancing, TNT expects annual interest cost savings of approximately $ 10 million. The ABL facility consists of an aggregate committed facility of $ 385 million and an uncommitted accordion of $ 75 million.

“The new ABL and 2L facilities provide TNT with significant reductions in our cost of capital, while increasing our financial flexibility,” said Deana Haygood, Chief Financial Officer of TNT. “In addition, this capital structure gives TNT more leeway to pursue our growth strategies at a much lower cost of capital, thus strengthening our ability to increase returns for our shareholders. “

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