By Christine Idzelis - 2012-08-09T19:40:01Z <\/p>\n
B\/E Aerospace Inc. (BEAV), a maker of cabin interiors for commercial aircraft and business jets, got a $950 million five-year revolving credit line to replace a $750 million debt pact that was set to expire in 2015. <\/p>\n
The new senior secured credit, which matures in August 2017, pays interest at 1.75 percentage points more than the London interbank offered rate, according to a regulatory filing yesterday. The interest rate on the revolver would have been about 2.21 percent had it been drawn on June 30, the company said in the filing. <\/p>\n
B\/E Aerospace, based in Wellington, Florida, had $1.75 billion of long-term debt consisting entirely of bonds at the end of June, according to the filing. <\/p>\n
Moodys Investors Service said today it gave the revolver an investment-grade rating of Baa2, while affirming B\/E Areospaces junk-category corporate ranking of Ba1. Standard & Poors, which rates the company BB+, assigned the revolver a BBB grade. <\/p>\n
The new revolving credit has a so-called accordion feature allowing the company to request as much as $750 million of additional commitments or term loans, according to Moodys. <\/p>\n
In a revolving credit facility, money can be borrowed again once its repaid; in a term loan, it cant. <\/p>\n
To contact the reporter on this story: Christine Idzelis in New York at cidzelis@bloomberg.net<\/a> <\/p>\n To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net<\/a> <\/p>\n<\/p>\n Visit link: <\/p>\n B\/E Aerospace Increases Credit Line With $950 Million Revolver<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By Christine Idzelis - 2012-08-09T19:40:01Z B\/E Aerospace Inc. (BEAV), a maker of cabin interiors for commercial aircraft and business jets, got a $950 million five-year revolving credit line to replace a $750 million debt pact that was set to expire in 2015. The new senior secured credit, which matures in August 2017, pays interest at 1.75 percentage points more than the London interbank offered rate, according to a regulatory filing yesterday. Continue reading