Westinghouse Air Brake Technologies Corporation Enters Amended Credit Agreement

Pittsburgh, Pennsylvania, — Westinghouse Air Brake Technologies Corporation (WAB), a leading provider of technology-based solutions for the transportation industry, has entered into an amended and restated credit agreement (the “A&R Credit Agreement”) as of April 23, 2025. This new agreement refinances existing credit facilities and introduces new financing options.

Key details of the agreement include:

Refinancing and Credit Expansion:

The A&R Credit Agreement amends and restates the previous delayed draw term loan and revolving credit agreement, originally established in June 2018.

The new agreement provides a $2.0 billion Revolving Credit Facility and a $725.0 million Term Loan Facility.

The Term Loan Facility refinances $250 million from the existing delayed draw term loans and $225 million from the previous term loans.

Incremental Facility Option:

The agreement permits adding incremental commitments, which can increase the revolving or term loan facility by up to $1.0 billion, subject to certain conditions.

Maturity and Interest Rate:

Both the Revolving Credit Facility and Term Loan Facility mature on April 23, 2030, five years from the closing date.

The interest rate for borrowings under the A&R Credit Agreement is determined based on the company’s leverage ratio and public credit rating. Interest rate spreads range between 1.000% to 1.750% for SOFR/RFR-based borrowings and 0.000% to 0.750% for Alternate Base Rate borrowings.

Financial Covenants:

The credit agreement includes customary affirmative and negative covenants, including restrictions on indebtedness, dividends, and certain transactions, subject to compliance with specific financial ratios.

Guarantees and Security:

The agreement is guaranteed by certain subsidiaries of the Company and is unsecured.

Westinghouse's obligations under the new credit agreement are supported by its subsidiaries and are subject to customary covenants and events of default, including a change of control clause.