OSI Systems increases facility to $450 million, extends it to 2019

By Jennifer Chiou

New York, May 29 - OSI Systems, Inc. entered into an amendment to its credit facility with Wells Fargo Bank, NA as administrative agent, increasing the total availability to $450 million from $425 million and extending the maturity date to May 28, 2019, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC is the left lead arranger on the credit facility with Bank of America Merrill Lynch as joint lead arranger.

The company said in a news release that the facility had been slated to mature in November 2016.

OSI also increased the flexibility of some restrictive covenants, including provisions related to acquisitions, additional debt and restricted payments including share repurchases.

Based in Hawthorne, Calif., OSI is a designer and manufacturer of specialized electronic systems and components for applications in the homeland security, health-care, defense and aerospace industries.

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