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OSI Systems $250 million revolver priced at Libor plus 200 bps
By Sara Rosenberg
New York, Oct. 19 - OSI Systems Inc.'s $250 million five-year revolving credit facility is initially priced at Libor plus 200 basis points with a 37.5 bps unused fee, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
Pricing on the revolver can range from Libor plus 200 bps to 250 bps and the unused fee can range from 37.5 bps to 50 bps, based on leverage.
Wells Fargo and Bank of America acted as the joint lead arrangers and bookunners on the deal that was completed on Oct. 15.
There is a $100 million accordion feature.
Financial covenants include a maximum consolidated leverage ratio of 3.25 to 1.0 and a fixed-charge coverage ratio of greater than or equal to 1.20 to 1.0.
Proceeds were used to replace the company's $100 million credit facility, which had consisted of a revolver and an amortizing term loan and was paid off using the existing cash balances.
OSI Systems is a Hawthorne, Calif.-based designer and manufacturer of electronic systems and components for applications in the homeland security, health care, defense and aerospace industries.
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