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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Citibank Agents $550MM Credit Facility for Comtech Telecommunications
Tuesday, November 6, 2018
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Lenders/Participants
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Citibank [Administrative Agent, Swing Line Lender]
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Structure
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Senior Secured Credit Facility
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Amount
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$550.000
Million
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Borrower(s)
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Comtech Telecommunications Corp.
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Description
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The Credit Facility provides a senior secured loan facility of up to $550.0 million, consisting of:· a revolving loan facility with a borrowing limit of $300.0 million; an accordion feature allowing the Company to borrow up to an additional $250.0 million, plus any additional amount, provided the Company’s Secured Leverage Ratio (as defined) would not, on a Pro Forma Basis (as defined) be greater than 3.50x the Company’s trailing twelve months of Consolidated EBITDA (as defined); a $35.0 million letter of credit sublimit; and a Swingline Loan credit sublimit of $25.0 million. The Credit Facility matures on the earlier of: (i) October 31, 2023 (the “Revolving Maturity Date”), and (ii) 91 days prior to the maturity date of any unsecured indebtedness of the Company with an initial aggregate principal amount in excess of $5.0 million, unless such indebtedness has been repaid in full or refinanced in full with indebtedness that has a maturity date later than 91 days after the Revolving Maturity Date. The proceeds of the Credit Facility have been used, in part, to repay in full all outstanding borrowings under the Original Credit Facility, and additional proceeds of the Credit Facility are expected to be used for working capital and other general corporate purposes of the Company and its subsidiaries, including the issuance of letters of credit and Permitted Acquisitions, as defined. Borrowings under the Credit Facility shall be either: (i) Alternate Base Rate borrowings, which bear interest from the applicable borrowing date at a rate per annum equal to (x) the greatest of (a) the Prime Rate (as defined) in effect on such day, (b) the Federal Funds Effective Rate (as defined) in effect on such day plus 1/2 of 1.00% per annum and (c) the Adjusted LIBO Rate (as defined) on such day (or, if such day is not a business day, the immediately preceding business day) plus 1.00% per annum, plus (y) the Applicable Rate (as defined), or (ii) Eurodollar borrowings, which bear interest from the applicable borrowing date at a rate per annum equal to (x) the Adjusted LIBO Rate for such interest period plus (y) the Applicable Rate. Determination of the Applicable Rate is based on a pricing grid that is generally dependent upon the Company’s Secured Leverage Ratio (as defined) as of the end of the fiscal quarter of the Company for which consolidated financial statements have been most recently delivered.
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Industry
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Telecom
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Location
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NY
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| Related Tags |
Citibank
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ABL Advisor
Deal Tables
2024
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