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Envista restates for $1.1 billion, €350 million maturing in 2028
By Wendy Van Sickle
Columbus, Ohio, Sept. 1 – Envista Holdings Corp. has amended and restated its credit agreement, extending the maturity date of each tranche, among other things, according to an 8-K filed with the Securities and Exchange Commission.
Under the restated credit agreement the company obtained a $530 million term loan, a €350 million term loan and a $750 million revolver. Each has a maturity date of Aug. 31, 2029, but are subject to an earlier springing maturity date of 91 days prior to the maturity date of the company’s 1.75% convertible senior notes due 2028 if more than $250 million of the senior notes are then outstanding.
Proceeds of the new facilities will be used to refinance debt under the existing credit agreement dated July 15, 2021, for general corporate purposes and other specified purposes.
Bank of America, NA is the administrative agent.
Interest spreads remain unchanged. SOFR loans each have a spread adjustment of 10 basis points. The revolver spread is initially 112.5 bps and can range from 91 bps to 140 bps, and the facility fee is initially 12.5 bps. It can range from 9 bps to 22.5 bps. The dollar term loan has an initial spread of 125 bps and a potential range from 100 bps to 162.5 bps. The euro loan has an initial spread of 107.5 bps and a potential range from 82.5 bps to 145 bps. In each case, the margin or fee is based on consolidated leverage ratio.
BofA Securities, Inc., JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, Sumitomo Mitsui Banking Corp., Bank of Nova Scotia, PNC Capital Markets LLC, Mizuho Bank, Ltd., HSBC Securities (USA) Inc. and BNP Paribas Securities Corp. are the joint lead arrangers and bookrunners.
Envista is a dental products company based in Brea, Calif.
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