The new facility, which includes a US$400 million term loan and a US$850 million revolver that Flowserve can increase by up to US$250 million, replaces a facility that was scheduled to mature in December 2015.
"We are pleased to announce the completion of a new credit facility as we work to execute our capital structure strategy,” said Mike Taff, Flowserve senior vice president and chief financial officer. “This new facility provides us additional debt capacity to execute on our growth initiatives, while also enhancing our operating flexibility and reducing our borrowing costs after attaining investment grade status by all three rating agencies.”