Kyphon gets $300 million revolver

By Sara Rosenberg

New York, Oct. 24 - Kyphon Inc. closed on a new $300 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Bank of America acted as lead arranger, bookrunner and administrative agent on the deal. LaSalle Bank acted as syndication agent and Wells Fargo Bank acted as documentation agent.

Pricing on the revolver can range from Libor plus 75 to 125 basis points, based on the company's consolidated leverage ratio.

The revolver, which was completed on Oct. 20, includes a $50 million sublimit for the issuance of standby letters-of-credit, a $25 million sublimit for swingline loans and a $100 million sublimit for multicurrency borrowings.

There is a $100 million accordion feature.

Borrowings are available for general corporate purposes, including acquisitions, capital expenditures and working capital.

Kyphon is a Sunnyvale, Calif.-based medical device company.

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