Chart Industries Announces Favorable Repricing of Term Loan Facility, Saving $14 Million in Annual Interest Expense

Published / Modified Jun 13 2024
CSIMarket Team / CSIMarket.com

Chart Industries Announces Favorable Repricing of Term Loan Facility, Saving $14 Million in Annual Interest Expense

Chart Industries, Inc. (NYSE: GTLS), a global leader in clean energy and industrial gas solutions, has recently announced the successful syndication of the repricing of its $1,631 million senior secured term loan facility. The Term Loan, which matures on March 17, 2030, will now bear interest at a rate per annum equal to SOFR with a 0.50% floor plus a margin equal to 2.50%. This repricing represents a reduction of 0.75% per annum compared to the previous SOFR margin, as well as the removal of the 0.10% credit spread adjustment.

This strategic move is anticipated to result in cost savings of approximately $14 million in annual interest expense on the Term Loan. With this reduction in interest rates, Chart Industries Inc's financial outlook is looking stronger, as evidenced by the growth in Income per employee in the first quarter of 2024 on a trailing twelve-month basis.

Chart Industries continues to solidify its position as a leading force in the clean energy and industrial gas solutions sector, demonstrating its commitment to optimizing financial efficiency and promoting long-term sustainability. This favorable repricing of the Term Loan Facility is a significant achievement for the company, showcasing its proactive approach to managing its financial obligations in a challenging economic environment.

In conclusion, the repricing of the Term Loan Facility represents a major milestone for Chart Industries, setting the stage for continued growth and success in the future. The cost savings generated from this strategic move will undoubtedly benefit the company and its stakeholders, reinforcing Chart Industries' reputation as a forward-thinking industry leader.


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