Twin Disc, Incorporated Enters into an Amendment No. 3 to Credit Agreement
January 31, 2020 at 02:47 am IST
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On January 28, 2020, Twin Disc, Incorporated entered into an Amendment No. 3 to Credit Agreement that amends the Credit Agreement dated as of June 29, 2018 between the Company and BMO Harris Bank, N.A. The Third Amendment also contains provisions relating to the possible discontinuation or obsolescence of the London Interbank Offered Rate. Upon the occurrence of a LIBOR Transition Event (as defined in the Third Amendment), the Bank, with the consent of the Company, may amend the Credit Agreement to replace LIBOR-based rates (or rates that include a LIBOR component in determining the applicable rate) with new rates based on a Benchmark Replacement (as defined in the Third Amendment) used by the Bank in other financing transactions of similar size and nature.
Twin Disc, Incorporated designs, manufactures and sells marine and heavy duty off-highway power transmission equipment. The Company has two reportable segments: Manufacturing and Distribution. The Companyâs products offered include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, and control systems. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company also designs and manufactures gearboxes and power transmission components. It provides modeling, modernization, gearbox repair and maintenance services as well as spare parts. The Companyâs worldwide sales to both domestic and foreign customers are conducted through a direct sales force and a distributor network.
TWIN DISC, INCORPORATED 
