NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Welbilt, Inc. (NYSE:WBT) announced today that it has completed the repricing of its $825 million senior secured Term Loan B facility. The new rate is LIBOR plus 300 basis points, subject to a 1 percent LIBOR floor. Prior to the repricing, the rate was LIBOR plus 475 basis points, subject to the same 1 percent LIBOR floor. The repricing was completed at par, and establishes for six months a 1 percent premium in the case of another repricing event. J.P. Morgan Chase Bank, N.A. and Goldman Sachs Bank, USA were joint bookrunners on the repricing.
“The reduced interest rate on our Term Loan B is a strong testament to the regained stability of our company and the trust that debt investors put in our strategy and business model,” said Hubertus Muehlhaeuser, President and CEO of Welbilt. “This repricing is another important piece of improving our capital structure to make it more accommodative for our future growth plans.”
About Welbilt, Inc.
Welbilt, Inc. provides the world’s top chefs, premier chain operators and growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. We offer fully-integrated kitchen systems and our products are backed by KitchenCare® aftermarket parts and service. Headquartered in the Tampa Bay area, Florida, and operating 17 manufacturing facilities throughout the Americas, Europe and Asia, the company sells through a global network of over 3,000 distributors and dealers in over 100 countries. The company has approximately 5,500 employees and generated sales of $1.46 billion in 2016. Its portfolio of award-winning brands includes Cleveland™, Convotherm®, Delfield®, fitkitchenSM, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. For more information, visit www.welbilt.com.