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JPMorgan Chase Agents up to $400MM in Working Capital for Knowles Corporation

September 09, 2020, 08:45 AM
Filed Under: Industry News

Knowles Corporation, a provider of high-performance audio solutions, entered into a new Credit Agreement among the Company and one or more of its subsidiaries and a syndicate of other financial institutions including JPMorgan Chase Bank, N.A., as administrative agent. The New Credit Agreement provides for a senior secured revolving credit facility with borrowings in an aggregate principal amount at any time outstanding not to exceed $400,000,000.

Borrowings under the New Credit Facility are to be used for working capital and other general corporate purposes of the Borrowers, including, without limitation, refinancing of indebtedness under the Company's Credit Agreement dated as of October 11, 2017.

Up to $100,000,000 of the New Credit Facility will be available in Euro, Pounds Sterling and other currencies requested by the Company and agreed to by each Lender and up to US$50,000,000 of the New Credit Facility will be made available in the form of letters of credit denominated in currencies approved by the Administrative Agent and the issuing banks as requested by the Company. Undrawn amounts under the New Credit Facility accrue a commitment fee at a per annum rate of 0.225% to 0.375%, based on a leverage ratio grid.

JPMorgan will make available under the New Credit Facility a swingline facility under which the Borrowers may request and JPMorgan, at its discretion, may make short-term borrowings in US dollars in an aggregate amount outstanding at any time not to exceed US$20,000,000.

At any time during the term of the New Credit Facility, the Company will be permitted to increase the commitments under the New Credit Facility or to establish one or more incremental term loan facilities under the New Credit Facility in an aggregate principal amount not to exceed US$200,000,000 for all such incremental facilities.

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