Kinetic Concepts amends facility to get new $352.6 term loan B2 to replace term B1

By Sara Rosenberg

New York, Dec. 23 - Kinetic Concepts Inc. amended its credit facility, getting a new $352.6 million term loan B2 to repay its term loan B1 and increasing acquisition allowances to $100 million per fiscal year.

Interest on the new term loan B2 is grid-based. If the leverage ratio is greater than 2.25-to-1.00, then the rate is Libor plus 200 basis points. If the leverage ratio is less than or equal to 2.25-to-1.00, then the rate is Libor plus 175 basis points. If the leverage ratio is less than or equal to 1.75-to-1.00 and the loans are rated at least Ba1/BB or Ba2/BB+, then the rate is Libor plus 150 basis points.

Morgan Stanley Senior Funding Inc. is administrative agent for the lenders, and JPMorgan Securities Inc. was sole lead arranger and sole bookrunner for the amendment.

Kinetic Concepts is a San Antonio, Texas, medical technology company.

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