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AZZ INC. (NYSE:AZZ) Files An 8-K Entry into a Material Definitive Agreement

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03/24/2017 | 03:50pm CET

AZZ INC. (NYSE:AZZ) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

Amended and Restated Credit Agreement
On March 21, 2017, AZZ Inc., a Texas corporation (the Company)
entered into that certain Amended and Restated Credit Agreement
(the 2017 Credit Agreement), by and among the Company, as borrower,
Bank of America, N.A. as Administrative Agent, Swing Line Lender
and L/C Issuer (Bank of America), and the other lenders party
thereto (collectively, the Lenders).
The 2017 Credit Agreement amends that certain Credit Agreement,
dated March 27, 2013, by and among the Company, Bank of America and
the other Lenders party thereto (such credit agreement, as amended
by that certain First Amendment, dated as of August 8, 2016, by and
among the Company, Bank of America and the Lenders, the Credit
Agreement) to, among other things, (i) extend the maturity date
until March 21, 2022, (ii) provide for a senior revolving credit
facility in a principal amount of up to $450 million, with an
additional $150 million accordion, (iii) include a $75 million
sublimit for the issuance of standby and commercial letters of
credit, (iv) include a $30 million sublimit for swing line loans,
(v) restrict indebtedness incurred in respect of capital leases,
synthetic lease obligations and purchase money obligations not to
exceed $20 million, (vi) restrict investments in any foreign
subsidiaries not to exceed $50 million in the aggregate, and (vii)
include various financial covenants and certain restricted payments
relating to dividends and share repurchases as specifically set
forth in the 2017 Credit Agreement.
The Company’s obligations under the 2017 Credit Agreement are
unsecured, but all of the Company’s subsidiaries (other than the
subsidiaries organized in a jurisdiction outside of the United
States) have guaranteed such obligations.
The foregoing summary of certain terms and provisions of the 2017
Credit Agreement does not purport to be complete and is qualified
in its entirety by reference to the 2017 Credit Agreement, a copy
of which is attached hereto as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is filed as part of this report.
Exhibit No.
Description
10.1
Amended and Restated Credit Agreement, dated as of March
21, 2017.
99.1
Press Release announcing new revolving credit agreement,
dated as of March 24, 2017.

About AZZ INC. (NYSE:AZZ)
AZZ Inc. is a provider of galvanizing services, welding solutions, specialty electrical equipment and engineered services to the power generation, transmission, distribution, refining and industrial markets. The Company operates through two segments: Energy segment and Galvanizing segment. Its Energy segment provides products and services designed to support industrial, nuclear and electrical applications. Its product offerings include custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion proof and hazardous duty lighting, nuclear safety-related equipment and tubular products. Its Galvanizing segment provides hot dip galvanizing to the steel fabrication industry through facilities located throughout the United States and Canada. It serves fabricators or manufacturers that provide services to the electrical and telecommunications, bridge and highway, petrochemical and general industrial markets and various original equipment manufacturers. AZZ INC. (NYSE:AZZ) Recent Trading Information
AZZ INC. (NYSE:AZZ) closed its last trading session up +0.15 at 57.00 with 59,849 shares trading hands.

The post AZZ INC. (NYSE:AZZ) Files An 8-K Entry into a Material Definitive Agreement appeared first on Market Exclusive.

© Market Exclusive 2017, source Market Exclusive

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Financials ($)
Sales 2017 87 848 M
EBIT 2017 33 122 M
Net income 2017 18 628 M
Debt 2017 -
Yield 2017 1,65%
P/E ratio 2017 13,35
P/E ratio 2018 10,90
Capi. / Sales 2017 2,63x
Capi. / Sales 2018 2,49x
Capitalization 230 976 M
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 25,0 $
Spread / Average Target 8,3%
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NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Eugene M. McQuade President & Director
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
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