1. Atkore refinanced its senior secured term loan facility worth $373 million. 2. The new loan matures in September 2032 or earlier if certain conditions are met. 3. Interest rates range from SOFR plus 2.00% or base rate plus 1.00%. 4. Refinancing improves financial stability, extending maturity profile for debt. 5. Atkore reported $3.2B in sales for fiscal year 2024, focusing on electrification.
The refinancing reduces financial risk, similar to past successful debt management strategies that supported stock price increases.
This refinancing is a critical move that mitigates risk and enhances overall financial health, likely appealing to both investors and analysts.
This refinancing provides a stable financial foundation, supporting growth strategies over the coming years.
Atkore Inc. (the "Company") (NYSE: ATKR), a leading manufacturer of electrical products for commercial, industrial, data center, telecommunications, and solar applications, today announced that it had completed the refinancing of the senior secured term loan facility of its subsidiary, Atkore International, Inc. ("AII"), which had been scheduled to mature in May 2028. The Company replaced the existing term loan facility with a new $373 million senior secured term loan facility of AII that matures on the earlier of (i) September 29, 2032 and (ii) the date that is 91 days prior to the maturity of the Company's existing senior notes due June 1, 2031 if more than $100 million of such senior notes remains outstanding as of such date. Borrowings under the new term loan facility bear interest at the rate of either Term SOFR (with a floor of 0%) plus 2.00%, or an alternate base rate (with a floor of 1.5%) plus 1.00%. Proceeds of the new term loan facility were used to fund the repayment of the existing term loan facility and to pay related fees and expenses.
About Atkore Inc.
Atkore is a leading manufacturer of electrical products for commercial, industrial, data center, telecommunications, and solar applications. With 5,600 employees and $3.2B in sales in fiscal year 2024, we deliver sustainable solutions to meet the growing demands of electrification and digital transformation. To learn more, please visit www.atkore.com.
Dissemination of Company Information
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Media Contact:
Lisa Winter
Vice President - Communications
708-225-2453
AtkoreCommunications@atkore.com
Investor Contact:
Matthew Kline
Vice President - Treasury & Investor Relations
708-225-2116
Investors@atkore.com