Amphenol gets $750 million revolver

By Sara Rosenberg

New York, July 20 - Amphenol Corp. closed on a new $750 million five-year unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Banc of America Securities LLC and Wachovia Capital Markets LLC acted as joint lead arrangers on the deal, Banc of America Securities, Wachovia and Deutsche Bank Securities Inc. acted as bookrunners, and Bank of America is administrative agent.

Interest on the facility can range from Libor plus 50 to 107.5 basis points depending on ratings and leverage, and the commitment fee can range from 12.5 to 30 bps. The initial interest rate is Libor plus 60 bps.

The facility, which closed July 15, was used to repay all amounts outstanding under the company's previous senior secured credit facilities and for working capital purposes. At close, about $440 million was drawn under the new revolver.

"We are also pleased to have completed the debt refinancing. The new five year facility is unsecured and has improved pricing in recognition of the company's strong operating performance, substantial deleveraging and the achievement of an investment grade credit rating from a major rating agency," said Martin H. Loeffler, chairman and chief executive officer, in a company news release.

"In addition, the new facility will provide significantly increased flexibility to pursue additional opportunities to expand and grow our business."

Amphenol is a Wallingford, Conn.-based producer of electronic and fiber optic connectors, cable and interconnect systems.

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