Haemonetics Corporation announced that the company has entered into a new $700 million credit agreement with its lenders, comprised of a $350 million senior unsecured term loan A and a $350 million senior unsecured revolving credit facility, both due 2023. The Company has used initial proceeds from the new credit agreement to repay its $254 million senior unsecured term loan A due June 2019.

Chris Simon, President and CEO, stated: "Our new credit agreement enhances our strong financial profile and eases certain covenants, providing increased flexibility in a variety of areas, including expanded options for permitted debt and investments. Funds from these facilities combined with our strong cash flow enhance our ability to execute on our growth plans."

Borrowings under the new credit facilities initially bear interest at an annual rate of LIBOR plus 1.25%, which may change based on the Company's leverage ratio. The revolving credit facility carries an unused fee of 0.175% annually, which may change based on the Company's leverage ratio.

JPMorgan Chase Bank, N.A., Citibank, N.A. and Citizens Bank, N.A. are co-lead arrangers and co-bookrunners for the new term loans, leading a syndicate that includes five other banks.