JLG Finalizes New Five-Year $200 Million Senior Credit Facility

December 2, 2005 — JLG Industries, Inc., McConnellsburg, Pa., recently announced it has completed an amended and restated $200 million secured credit facility with a syndicate of 12 lenders, arranged by SunTrust Bank through its Asset Based Lending Group.

 

The facility, which has a five-year maturity with the borrowing base determined by eligible accounts receivable and inventory, includes an accordion feature under which JLG — subject to obtaining increased commitments from existing or new lenders — may increase the maximum availability of the facility up to $300 million. The facility is intended for working capital needs and other general corporate purposes.

 

"The new credit agreement provides ample liquidity for our business plan," said Bob Cribbs, vice president and treasurer. "In addition to increased availability and the extended term, the new facility has a lower cost and significantly increased flexibility compared to the previous agreement. We are very pleased with the continued support of our lending group, many of which have a long-standing relationship with JLG. In addition, we have added some important new partners to the group. This facility represents a significant component of our capital structure and supports JLG's strategic plan."