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BofA, Others Provide $200MM Facilitiy to Checkpoint Systems

December 13, 2013, 07:34 AM
Filed Under: Security Systems

Checkpoint Systems entered into a new five-year $200 million multi-currency revolving credit facility with the potential to further expand the facility to $300 million.

The syndicate of lenders was anchored by joint lead arrangers, Bank of America Merrill Lynch, Fifth Third Bank and HSBC Bank USA National Association. Bank of America N.A. will serve as administrative agent for this facility.

Checkpoint repaid all outstanding amounts under its existing $62.4 million revolving credit facility due to mature in July 2014 and $55.6 million in aggregate of its senior secured notes maturing between 2015 and 2017.

Checkpoint's Chief Financial Officer Jeff Richard said, "The successful execution of our new credit facility significantly reduces our borrowing costs, enhances our overall liquidity and ensures maximum operational flexibility to execute our strategic plan."

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