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Morgan Stanley Senior Funding to Arrange $175MM Facility for SMART

July 22, 2013, 07:26 AM
Filed Under: Technology

SMART Technologies Inc., a leading provider of collaboration solutions, announced today that its wholly-owned subsidiary, SMART Technologies ULC, has priced a new four-and-a-half-year senior secured term loan in an aggregate principal amount of $125 million and has received a significant portion of the commitments for a new four-year asset-based loan facility in an aggregate principal amount of $50 million. The proceeds from the financings are intended to be used to refinance certain existing indebtedness, fund transaction costs and for other corporate purposes. The transaction is expected to close the week of July 29, 2013.

Morgan Stanley Senior Funding, Inc. is acting as sole lead arranger and administrative agent for the Term Loan and will also act as administrative agent under the ABL.

The term loan will be guaranteed by SMART and all of the company's material Canadian and United States subsidiaries and be secured by certain assets of SMART, the company and the company's material Canadian and United States subsidiaries. The term loan does not include any financial maintenance covenants. The refinancing transaction is subject to customary closing conditions.

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