Mentor amends credit facility, extending maturity

By Angela McDaniels

Tacoma, Wash., Oct. 1 - Mentor Corp. amended its credit facility, extending the maturity date by 13 months to Oct. 31, 2009 and providing continued access to the facility through the company's proposed reorganization into a holding company structure.

The amendments also require Mentor International Holdings, Inc. to provide a guaranty following the reorganization and allows proceeds from the facility to be used to repay the company's 2.75% convertible subordinated notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

Pricing was revised to a range of Libor plus 125 basis points to Libor plus 200 bps, depending on leverage, and the commitment fee is now 25 bps to 35 bps, again depending on leverage.

The amendment was completed on Friday.

Bank of the West is the administrative agent.

Santa Barbara, Calif.-based Mentor develops products for the aesthetics and general surgery markets.

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