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Wabtec Corp. has signed a new bank agreement that includes a $1.2 billion revolving credit facility and a $400 million term loan. The credit facility has a five-year term and replaces the company's previous revolver of $800 million, while the term loan has a three-year maturity, Wabtec officials said in a press release. The new agreement provides financing for the company's planned acquisition of Faiveley Transport, which is expected to close in the fourth quarter, said Wabtec Senior Vice President and Chief Financial Officer Patrick Dugan. The deal also makes way for continued investment in Wabtec's global growth initiatives, including other acquisitions. Siemens' first Desiro City train last week entered service on the Thameslink network in greater London. A total 115 trains will have been delivered by the end of 2018. Siemens will take over the long-term servicing and maintenance for the new fleet, company officials said in a press release. The units are about 50 percent longer than trains in the existing fleet and have a capacity of 1,750 passengers.The Railway Engineering-Maintenance Suppliers Association's (REMSA) deadline is Friday for applications to its 2016 Scholarship Program for undergraduate and graduate students. To be eligible, an applicant must be a full- or part-time employee of a REMSA member company, or the spouse, child or grandchild of a current full-time employee at a REMSA member company. Applicants also must be enrolled at the time of application as a full-time college student at a college or university. To view a full list of eligibility requirements, visit www.remsa.org/scholarship.
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