CommScope borrows $250 million under revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 1 – CommScope, Inc. gave notice to borrow $250 million under its revolving credit facility, effective April 6, according to an 8-K filing with the Securities and Exchange Commission.

The company entered the up to $1 billion asset-based revolver in April 2019. JPMorgan Chase Bank, NA is the administrative agent.

As of Dec. 31, CommScope had $598.2 million in cash on its consolidated balance sheet and availability of $796.8 million under the revolver, reflecting a borrowing base of $820.9 million reduced by $24.1 million of letters of credit issued.

Proceeds from the borrowings under the revolver are expected to be held on the company’s balance sheet or used for future liquidity, as needed.

The current interest rate is Libor plus 125 basis points.

CommScope is a Hickory, N.C.-based provider of infrastructure services for communication networks.

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