10:10 AM EDT, 06/13/2024 (MT Newswires) -- Chart Industries ( GTLS ) said Thursday it has syndicated the repricing of its roughly $1.63 billion senior secured term loan facility due March 17, 2030.

All outstanding amounts under the loan will now have an annual interest rate equal to the Secured Overnight Financing Rate with a 0.50% floor plus a margin equal to 2.50%, representing a reduction of 0.75% per year compared with the SOFR margin applicable before the repricing and the removal of the 0.10% credit spread adjustment, the company said.

The company said it is expecting to save about $14 million in annual interest expense on the loan because of the repricing.

The repricing is anticipated to be implemented through an amendment to Chart's fifth amended and restated credit agreement that is expected to close in July, the company said.

Chart shares were down 2.1% in recent trading.

Price: 143.37, Change: -3.05, Percent Change: -2.08