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JPMorgan Chase Leads Lenders in $200MM Facility to AngioDynamics

September 24, 2013, 07:24 AM
Filed Under: Medical

AngioDynamics announced it amended its existing credit facilities and successfully refinanced its long-term debt. This new lending facility will improve AngioDynamics' capital structure and provide greater flexibility to support the execution of its growth strategy. The new debt facility will reduce the company's interest rate on its credit facility by up to 75 basis points and improve its cash flow while extending the maturity of the debt.

Under the terms of the new credit facility, AngioDynamics entered into a loan agreement with JPMorgan Chase, the lead bank in the transaction, along with co-arrangers Bank of America and Key Bank. The facility includes two components, a $100 million Term Loan and a $100 million revolving line of credit. The Company will retire all existing loans with the new debt facilities.

"We are always exploring ways to reduce costs in this economic environment, and we saw an opportunity to take advantage of favorable debt market conditions," commented Mark Frost, Executive Vice President and Chief Financial Officer. "This refinance will reduce our interest expense by over $1 million per year and improve our future cash flow. We appreciate the support of our corporate lenders in this transaction."

AngioDynamics Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics' diverse product lines include market-leading ablation systems, fluid management systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products.

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