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AngioDynamics signs for $75 million revolver, $30 million term loan
Chicago, Aug. 31 – AngioDynamics Inc. signed for a new credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
In the new credit agreement is a $75 million revolver maturing Aug. 30, 2027 and a multi-draw $30 term loan, due on the same date, but with up to six separate draws available until March 1, 2024.
Starting March 1, 2024, payments amortize in equal quarterly installments of 3.57% with the remainder payable at maturity.
There is also a $75 million uncommitted accordion.
Interest will be SOFR plus 10 basis points plus 125 bps to 175 bps, based on the company’s total leverage ratio. There is a 0% floor.
On the revolver, the commitment fee will be between 20 bps and 25 bps on the unused portion.
There is a ticking fee on the term loan between 20 bps to 25 bps on the daily amount of each lender’s term loan commitment.
JPMorgan Chase Bank, NA is the administrative agent.
Bank of America, NA and KeyBank NA are the co-syndication agents and JPMorgan Chase Bank NA is the sole bookrunner and sole lead arranger.
Proceeds from the revolver will be used to refinance certain existing debt, to finance working capital needs and for general corporate purposes. The term loan can be used for general corporate purposes, including primarily to finance the manufacturing costs of the Auryon laser capital equipment of AngioDynamics and its subsidiaries.
The company also repaid without penalty its existing credit agreement from June 3, 2019 with JPMorgan as administrative agent.
AngioDynamics is a Latham, N.Y.-based provider of medical devices for vascular access, surgery, peripheral vascular disease and oncology.
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