Viavi Solutions secures $300 million asset-based revolver

By William Gullotti

Buffalo, N.Y., Jan. 6 – Viavi Solutions Inc. entered a $300 million five-year asset-based senior secured revolving credit facility on Dec. 30, according to a form 8-K filed with the Securities and Exchange Commission.

The revolver features a $100 million accordion and matures Dec. 30, 2026.

Interest on U.S. dollar-denominated loans will be SOFR plus a margin of 135 basis points to 185 bps. Sterling-denominated loans will bear interest at Sonia plus 128.25 bps to 178.25 bps. Euro-denominated loans will bear interest at Euribor plus 125 bps to 175 bps. Canadian dollar-denominated loans will bear interest at CDOR plus 125 bps to 175 bps. In each case, the margin will be determined by the average excess availability under the facility.

Additionally, the terms of the revolver require the company to maintain a fixed-charge coverage ratio of at least 1-to-1 if the excess availability of the facility is less than the greater of 10% of the lesser of maximum revolver amount and borrowing base and $20 million.

Wells Fargo Bank, NA is the agent and is serving as joint lead arranger and joint bookrunner with BNP Paribas.

Proceeds will be used for working capital and other general corporate purposes.

Viavi is a Scottsdale, Ariz.-based manufacturer of testing and monitoring equipment for networks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.