OSI Systems expands revolving loan, LoC subfacility by $175 million

By Marisa Wong

Madison, Wis., April 11 - OSI Systems, Inc. entered into a third amendment to its credit agreement dated Oct. 15, 2010 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the total commitments under the company's revolving loan facility by $175 million to $425 million from $250 million.

The amount available under the letter-of-credit subfacility was also increased by $175 million to $375 million from $200 million.

In addition, the amendment allows the company to repurchase up to $100 million of its stock and make up to $100 million of dividends during the term of the credit agreement.

According to the filing, the company will still be able to increase the size of the revolver by up to an additional $100 million, including a proportional increase in the letter-of-credit subfacility.

Wells Fargo Securities, LLC and Bank of America Merrill Lynch are the joint lead arrangers for the amendment, which became effective Tuesday.

OSI Systems is a Hawthorne, Calif.-based designer and manufacturer of electronic systems and components.

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