Owens & Minor gets $350 million three-year revolving credit facility

By Sara Rosenberg

New York, June 10 - Owens & Minor Inc. closed on a new $350 million three-year revolving credit facility that has the option for two one-year extensions, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Bank of America and Wells Fargo acted as the lead arrangers and bookrunners on the deal that was completed on June 7, with Bank of America the administrative agent.

Initial pricing on the revolver is Libor plus 250 basis points with a 40 bps commitment fee. Pricing can range from Libor plus 225 bps to 325 bps, and the commitment fee can range from 37.5 bps to 62.5 bps, based on leverage.

There is a $150 million accordion feature.

Financial covenants include debt to EBITDA and EBITDA to interest ratios.

Proceeds were used to replace the company's existing $306 million credit agreement set to expire on May 3, 2011.

Owens & Minor is a Mechanicsville, Pa.-based distributor of medical and surgical supplies, and a provider of supply chain management services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.