Masimo enters into restated $450 million multicurrency facility

By Tali Rackner

Norfolk, Va., Jan. 12 – Masimo Corp. entered into an amended and restated credit agreement on Friday with JPMorgan Chase Bank, NA as administrative agent, replacing the prior credit agreement dated as of April 23, 2014, according to an 8-K filing with the Securities and Exchange Commission.

The new credit agreement provides for up to $450 million of borrowings in multiple currencies, with an up to $100 million accordion feature.

The facility also provides for a sublimit of up to $50 million for the issuance of letters of credit and a sublimit of $125 million in specified foreign currencies.

Borrowings bear interest at Libor plus 112.5 basis points to 200 bps, based on Masimo’s leverage ratio. The unused fee ranges from 17.5 bps to 30 bps, also depending on leverage.

All unpaid principal under the restated facility will become due and payable on Jan. 8, 2021.

The terms of the facility include financial covenants related to a leverage ratio and an interest charge coverage ratio.

Proceeds will be used for general corporate, capital investment and working capital needs.

Bank of America, NA is the syndication agent and Citibank, NA is the documentation agent.

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

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