Hill-Rom gets amended $1.46 billion term loan, $700 million revolver

By Susanna Moon

Chicago, Sept. 22 – Hill-Rom Holdings, Inc. obtained an amended $1,462,500,000 term loan A facility and $700 million senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans initially will be Libor plus 175 basis points, with the spread ranging from Libor plus 150 bps to 200 bps based on leverage.

The company amended its senior credit agreement Wednesday with JPMorgan Chase Bank, NA, Bank of America, NA, PNC Bank, NA, Citizens Bank, NA and Bank of Tokyo-Mitsubishi UFJ, Ltd. as joint bookrunners and joint lead arrangers. JPMorgan Chase Bank, NA is the administrative agent.

Sumitomo Mitsui Banking Corp., Wells Fargo Bank, NA, Fifth Third Bank and Bank of Nova Scotia are the co-syndication agents. Goldman Sachs Bank USA, TD Bank, NA, DNB Bank ASA, New York Branch and Capital One, NA are the co-documentation agents.

For the term loan, the company is required to make scheduled quarterly payments of 5% for the first year, 7.5% for the second year and 10% for the next three years.

The revolving facility will mature in five years.

The company entered into a senior credit agreement on Sept. 8, 2015 with JPMorgan Chase Bank, NA as administrative agent for a $1 billion term loan A facility and $500 million senior secured revolving credit facility; and Goldman Sachs Bank USA as administrative agent for a $800 million term loan B facility.

The term loan and revolver were used to help fund the payoff of the existing credit facilities.

Hill-Rom is a Chicago-based medical technology company.

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