OSI Systems Increases Senior Secured Credit Facility to $450 Million
29 May 2014 - 10:00PM
Business Wire
- Extends maturity to May
2019
- Lowers borrowing costs
- Increases operational and financial
flexibility
OSI Systems, Inc. (NASDAQ: OSIS) today announced that it has
entered into an amendment to its credit facility that increases the
amount available to $450 million. The amendment extends the
maturity from November 2016 to May 2019 and increases the
flexibility of certain restrictive covenants, including provisions
related to acquisitions, additional indebtedness, and restricted
payments including share repurchases. The amendment also reduces
borrowing costs under the credit facility depending upon the
Company’s leverage compared to the prior facility.
Alan Edrick, Executive Vice President and CFO stated, “We are
pleased to complete this larger credit facility that provides the
Company with a lower cost of capital along with numerous improved
terms. The facility underscores the Company’s financial performance
and the strong support from our lender syndicate. Our solid balance
sheet coupled with this facility provides us with enhanced
liquidity and financial flexibility to support our long-term growth
strategy.”
Wells Fargo Securities, LLC served as Left Lead Arranger on the
credit facility. Merrill Lynch, Pierce, Fenner & Smith
Incorporated served as a Joint Lead Arranger.
Wells Fargo Bank, National Association, will serve as the
Administrative Agent, Bank of America, N.A., as Syndication Agent
and U.S. Bank N.A., JPMorgan Chase Bank, N.A., HSBC Bank USA, N.A.,
and Union Bank, N.A., as Joint-Documentation Agents with respect to
the amended credit facility.
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and
manufacturer of specialized electronic systems and components for
critical applications in the homeland security, healthcare, defense
and aerospace industries. We combine more than 30 years of
electronics engineering and manufacturing experience with offices
and production facilities in more than a dozen countries to
implement a strategy of expansion into selective end product
markets. For more information on OSI Systems, Inc. or any
of its subsidiary companies, visit www.osi-systems.com. News
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This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements relate to the Company's current
expectations, beliefs, projections and similar expressions
concerning matters that are not historical facts and are not
guarantees of future performance. Forward-looking statements
involve uncertainties, risks, assumptions and contingencies, many
of which are outside the Company's control that may cause actual
results to differ materially from those described in or implied by
any forward-looking statements. All forward-looking statements are
based on currently available information and speak only as of the
date on which they are made. The Company assumes no obligation to
update any forward-looking statement made in this press release
that becomes untrue because of subsequent events, new information
or otherwise, except to the extent it is required to do so in
connection with its ongoing requirements under Federal securities
laws. For a further discussion of these and other factors that
could cause the Company's future results to differ materially from
any forward-looking statements, see the section entitled "Risk
Factors" in the Company's Annual Report on Form 10-K for the year
ended June 30, 2013 and other risks described in
documents filed by the Company from time to time with
the Securities and Exchange Commission.
OSI Systems, Inc.Ajay VashishatVice President, Business
Development310-349-2237avashishat@osi-systems.com
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