LeCroy gets $75 million five-year revolver at Libor plus 175-250 bps

By Susanna Moon

Chicago, Aug. 9 - LeCroy Corp. closed a $75 million five-year revolving line of credit with a $15 million accordion, according to an 8-K filing with the Securities and Exchange Commission.

RBS Citizens, NA is the administrative agent, lead arranger and bookrunner.

Interest on borrowings is Libor plus 175 bps to 250 bps, based on leverage. There is a commitment fee of 15 bps to 35 bps, also based on leverage.

The credit terms include a $7.5 million letter of credit subfacility.

Proceeds will be used to refinance debt, to fund short-term and long-term working capital, for issuance of letters of credit and general corporate purposes.

The credit agreement matures on Aug. 8, 2016 and replaces the company's $50 million credit facility.

The new credit agreement will provide the company more liquidity, including the flexibility to retire outstanding convertible bonds, according to a company press release.

LeCroy is a Chestnut Ridge, N.Y.-based communications test equipment company.

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