GenCorp amends USD300.0m credit facility

3 June 2014

GenCorp Inc. (NYSE: GY) said it has entered into an amended and restated USD300m credit facility.

The new credit facility amends and restates the company´s prior credit agreement and, (i) extends the maturity date to May 30, 2019 (which date may be accelerated in certain cases); and (ii) replaces the existing revolving credit facility and credit-linked facility with a revolving credit facility in an aggregate principal amount of up to USD200.0m and a term loan facility in an aggregate principal amount of up to USD100.0m, among other things.

In general, borrowings under the new credit facility bear interest at a rate equal to the LIBOR plus 250 basis points (subject to downward adjustment), or the base rate as it is defined in the credit agreement governing the new credit facility. In addition, the company is charged a commitment fee of 50 basis points per annum on unused amounts of the revolving credit facility (subject to downward adjustment), along with a fronting fee of 25 basis points per annum, on the undrawn amount of all outstanding letters of credit.

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.

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