22 April 2014
GenCorp Inc. (NYSE: GY) said it has entered into a USD100m subordinated delayed draw term loan credit facility.
GenCorp intends to use borrowings under the new subordinated credit facility for a variety of purposes which may include refinancing of existing debt, repurchasing common equity, working capital and general corporate purposes.
In general, borrowings under the new subordinated credit facility bear interest at a rate equal to the sum of the greater of LIBOR and 1.00 percent per annum plus 8.50 percent, or in the case of base rate loans, the base rate as it is defined in the credit agreement governing the new subordinated credit facility plus 7.50 percent.
GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale and leasing of the company´s excess real estate assets. Its website is at http://www.GenCorp.com.