Chart Industries Cuts Costs with $1.63B Loan Repricing, Eyes $14M Annual Savings

Chart Industries, Inc. (NYSE:GTLS) ("Chart"), a global leader in clean energy and industrial gas solutions, has successfully syndicated the repricing of its $1,631 million senior secured term loan facility (the "Term Loan"), which matures on March 17, 2030. Following the completion of the repricing, all outstanding amounts under the Term Loan will bear interest at a rate per annum equal to SOFR with a 0.50% floor plus a margin equal to 2.50%. The repricing represents a reduction of 0.75% per annum compared to the SOFR margin applicable prior to the repricing as well as the removal of the 0.10% credit spread adjustment. This is anticipated to result in cost savings of approximately $14 million in annual interest expense on the Term Loan.

The repricing described above is expected to be implemented via an amendment to Chart's fifth amended and restated credit agreement, which is expected to close in July 2024, subject to customary closing conditions and the execution of definitive documentation.