Cooper releases details of amendment to revolver, repays term loan

By Angela McDaniels

Tacoma, Wash., June 1 - Cooper Cos., Inc. released more information about the amendment it made to its credit agreement on Thursday in an 8-K filing with the Securities and Exchange Commission on Friday.

The credit agreement provided for a multicurrency $750 million senior revolving line of credit and a $250 million delayed-draw term loan facility.

The amendment made the following changes to the revolver, among others:

• Increased the commitment to $1 billion from $750 million;

• Increased the accordion feature to $500 million from $250 million;

• Extended the termination date to May 31, 2017 from Jan. 12, 2016;

• Changed the commitment fee to a range between 10 basis points and 27.5 bps; and

• Changed the interest rate to Libor plus 100 bps to 175 bps.

The exact pricing depends on the company's total leverage ratio.

Concurrently with the amendment, the company repaid the term loan in full. The outstanding amount was $234.4 million.

CooperVision International Holding Co. LP is a foreign borrower under the facility.

KeyBank NA is the administrative agent.

Cooper is a Pleasanton, Calif.-based medical device company.

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