Universal Electronics lifts revolving line due 2019 to $170 million

By Susanna Moon

Chicago, Nov. 2 – Universal Electronics Inc. expanded its revolving credit line due Nov. 1, 2019 to $170 million from $125 million.

Universal amended its credit agreement last Friday with U.S. Bank NA as administrative agent, lead arranger and bookrunner, and Wells Fargo Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans will range from Libor plus 125 basis points to Libor plus 175 bps, based on leverage.

The credit line may be used for working capital and for other general corporate purposes including acquisitions, share repurchases and capital expenditures.

At closing, there were outstanding borrowings of $125 million and no outstanding letters of credit.

The company may prepay outstanding loans under the credit line.

The obligations under the credit line are secured by substantially all of the U.S. personal property and assets of the company as well as 65% of the company’s ownership interest in Enson Assets Ltd., the company’s wholly owned subsidiary which controls the company’s manufacturing factories in the People’s Republic of China.

Based in Santa Ana, Calif., Universal Electronics Inc. is a technology provider and manufacturer of remote controls, IoT devices and home sensors.

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