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Align Technology amends, extends $300 million revolving facility
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Align Technology, Inc. entered into a second amendment to its credit agreement with Citibank, NA on Dec. 23, extending commitments of the $300 million secured revolver to Dec. 23, 2027 from July 21, 2023, according to an 8-K filing with the Securities and Exchange Commission.
The amendment also removed the requirement that the company comply with a minimum consolidated interest coverage ratio for the quarters ending after the effective date and increases the maximum consolidated total leverage ratio to 3.5 to 1 from 3 to 1.
Further, SOFR was introduced as the benchmark interest rate, replacing Libor. Borrowings now bear interest at adjusted term SOFR plus a margin ranging from 87.5 basis points to 137.5 bps, depending on the company’s consolidated total leverage ratio. There is a benchmark floor of 0%, reduced from 1% prior to the amendment.
There continues to be a $50 million letter-of-credit sublimit.
Align Technology is a San Jose, Calif.-based manufacturer of digital scanners and clear aligners used in orthodontics.
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