OSI Systems increases facility to $535 million, extends it to 2024

By Wendy Van Sickle

Columbus, Ohio, April 23 – OSI Systems, Inc. entered into an amendment to its senior secured credit facility with Wells Fargo Bank, NA as administrative agent, increasing the total availability to $535 million from $525 million and extending the maturity date, according to an 8-K filing with the Securities and Exchange Commission.

The revolver will now mature on April 23, 2024 with a 91-day springing maturity under some circumstances.

The amendment also lowers borrowing costs as well as the commitment fee on average daily unused amounts.

Borrowings now bear interest at Libor plus a margin of 100 basis points to 175 bps, and the commitment fee now ranges from 10 bps to 25 bps. Both are based on leverage ratio.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch and JPMorgan Chase Bank, NA are the joint bookrunners and lead arrangers.

The credit agreement is originally dated Oct. 15, 2010.

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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