Masimo expands five-year revolver to $705 million

By Marisa Wong

Los Angeles, May 20 – Masimo Corp. entered into a first amendment on May 16 to its credit agreement dated April 11 with Citibank, NA as administrative agent to provide for an additional $205 million of unsecured revolving commitments, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the aggregate amount of the revolver to $705 million from $500 million.

Borrowing rates and financial covenants remain unchanged from the credit facility.

All unpaid principal will be due and payable on April 12, 2027.

Borrowings bear interest at adjusted term SOFR plus 100 basis points to 175 bps, based on the company’s net leverage ratio. There is also an unused fee, ranging from 15 bps to 27.5 bps, based on the company’s leverage ratio, as previously reported.

Proceeds from the increase in the revolver are expected to be used for general corporate, capital investment, share repurchases and working capital needs.

The credit agreement also included a $300 million unsecured term loan, as previously disclosed.

Based in Irvine, Calif., Masimo is a global medical technology company that develops and manufactures noninvasive patient-monitoring technologies.

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