Loan & DebtJun 18, 2026, 02:01 PM
BRADY CORP Secures $1.0B Credit for PSS Acquisition
AI Summary
BRADY CORP entered into a new $1.0 billion Credit Agreement on June 12, 2026, to finance its pending acquisition of Honeywell International Inc.'s Productivity Solutions and Services business (PSS). The facility consists of a $500 million term loan and a $500 million revolving credit facility, replacing the company's prior credit agreement. The new debt has a maturity date of June 12, 2031, and includes provisions for multi-currency borrowings and an incremental facility feature for future capital needs.
Key Highlights
- BRADY CORP secured a new $1.0 billion Credit Agreement on June 12, 2026.
- The facility includes a $500 million term loan and a $500 million revolving credit facility.
- Proceeds will finance the pending acquisition of Honeywell's PSS business and related costs.
- The new agreement replaces the company's previous credit agreement from August 2019.
- Both term loan and revolving credit facilities have a final maturity date of June 12, 2031.
- Revolving facility availability expands from $300 million to $500 million post-acquisition.
- The agreement features an incremental facility option for up to $550 million.
- Key covenants include a maximum consolidated net leverage ratio of 3.50 to 1.00.
Price Impact
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