OSI Systems Increases Senior Secured Credit Facility to $525 million
22 December 2016 - 12:30AM
OSI Systems, Inc. (NASDAQ:OSIS) today announced that it has entered
into an amendment to its senior secured credit facility that
increases the amount available from $450 million to $525 million.
The amendment also lowers borrowing costs, extends the maturity
from May 2019 to December 2021, and increases the flexibility of
certain restrictive covenants, including provisions related to
permitted acquisitions, incurrence of additional indebtedness, and
restricted payments.
Alan Edrick, Executive Vice President and Chief
Financial Officer, stated, “We are pleased to complete this
amendment to our credit facility, which includes a significant
number of improved terms that provide us with a lower cost of
capital and enhanced liquidity and flexibility to support our
continued growth. The increased facility highlights the strong
support from our lenders.”
Wells Fargo Securities, LLC (“WFS”) and Merrill
Lynch, Pierce, Fenner & Smith Incorporated (formerly known as
Banc of America Securities LLC) (“MLPFS”) served as Joint Lead
Arrangers, and WFS, MLPFS, and JPMorgan Chase Bank, N.A. served as
Joint Bookrunners.
Wells Fargo Bank, National Association, will
serve as the Administrative Agent on the 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. OSI
combines more than 40 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 OSI
Systems. News Filter: OSIS-G
Forward-Looking Statements
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 OSI Systems' 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 OSI Systems' 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. OSI Systems 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 factors that
could cause OSI Systems' future results to differ materially from
any forward-looking statements, see the section entitled "Risk
Factors" in OSI Systems' Annual Report on Form 10-K for the year
ended June 30, 2016 and other risks described in
documents filed by OSI Systems from time to time with
the Securities and Exchange Commission.
OSI Systems, Inc.
Ajay Vashishat
Vice President, Business Development
310-349-2237
avashishat@osi-systems.com
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