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Wells Fargo Agents Credit Facility Expanson to $750MM for OSI Systems

December 28, 2021, 07:45 AM
Filed Under: Electronics

OSI Systems entered into an amendment to its senior secured credit facility that increases the aggregate amount available to borrow from $535 million to $750 million. The amended facility is comprised of a $600 million revolving credit facility and a $150 million delayed draw term loan. The amendment also increases the flexibility of certain provisions and extends the maturity from April 2024 to December 2026. Wells Fargo Securities, BofA Securities and JPMorgan Chase Bank served as Joint Lead Arrangers and Joint Bookrunners. Wells Fargo Bank will serve as the Administrative Agent on the amended credit facility.

The revolver and the term loan are each priced in accordance with the Company’s prior low-cost interest rate grid. As of the amendment date, borrowings under the revolving credit facility bore interest at the rate of LIBOR + 1.0%. The term loan was not funded at closing and is available to the Company to draw through September 1, 2022 and, if drawn, will mature concurrently with the revolving credit facility. The Company may prepay the revolver and the term loan at any time without penalty.

Alan Edrick, Executive Vice President and Chief Financial Officer, stated, “We are pleased to successfully complete this refinancing at very attractive pricing to facilitate continued growth while simultaneously providing enhanced options for our convertible notes maturing September 2022. This transaction illustrates the strength of our business and the continued strong support from our lenders.”

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