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Measurement Specialties Adds PNC to Lender Group, Increases Facility by $75MM

February 04, 2013, 07:35 AM

Measurement Specialties, a designer and manufacturer of sensors and sensor-based systems, entered into Amendment No. 4 to the credit agreement among the company, the financial institutions party thereto and JPMorgan Chase Bank, N.A., as administrative agent, to amend the company's senior secured credit facility.

The amendment increased the aggregate commitments to $185 million from $110 million, providing the company with $75 million of increased borrowing availability to support growth, reset the accordion feature to $75 million for future expansion, and added PNC Bank to the Bank Group.

Mark Thomson, the company's CFO, commented, "This amendment gives the company additional capacity and flexibility to support future acquisitions and other value-creating investments."

Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics.

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