Karman (KRMN) said Tuesday it completed a refinancing deal that replaces its previous term loan and revolving credit facility.
The company said the new credit facilities include a $300 million term loan B maturing in April 2032 and priced at secured overnight finance rate plus 3.5%, and an undrawn $50 million revolving credit facility expiring in April 2030 and priced at SOFR plus 2.75% to 3.25%.
In the case of the new term loan, the refinancing represents an interest rate reduction of 275 basis points, resulting in annual interest expense savings of over $8 million compared with the previous term loan, the company said.
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