Cooper refinances with five-year $2.14 billion credit facility

By Wendy Van Sickle

Columbus, Ohio, April 1 – Cooper Cos. closed a new five-year $2.14 billion senior unsecured credit facility, comprising a $1.29 billion revolving line of credit and an $850 million non-amortizing term loan, according to a news release.

KeyBank led the debt.

Proceeds from the refinancing will be used to retire all debt under the company’s existing $1 billion revolving line of credit and $1 billion term loan, as well as for general corporate purposes.

Interest will be based on the company’s leverage ratio and can range from Libor plus 75 basis points to 150 bps. Initially, interest is Libor plus 87.5 bps, which is 25 bps lower than the company’s prior rate.

Cooper also amended its $500 million 364-day credit facility to match terms and conditions of the new facility where applicable.

In the news release, Albert White, the company’s president and chief executive officer, noted the company initiated the refinancing before Covid-19 became a pandemic.

Cooper is a medical device company based in San Ramon, Calif.

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