Robbins & Myers Announces New Credit Facility

Robbins & Myers, Inc. RBN today reported that it entered into a new five-year senior unsecured credit facility, replacing its previous credit facility that was scheduled to expire in December 2011. The new credit facility provides for $150 million of revolving borrowing capacity and includes an expansion option of $150 million, subject to certain conditions. Borrowings under the credit facility are subject to a pricing grid, with initial borrowings priced at LIBOR plus 125 basis points. The facility was arranged by J.P. Morgan Securities LLC. The bank group was increased from six to eight banks.