Accellent $75 million ABL revolver priced at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 3 - Accellent Inc.'s $75 million five-year senior secured asset-based revolving credit facility is priced at Libor plus 325 basis points with a 50 bps commitment fee, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Wells Fargo Capital acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Jan. 29.

If excess availability is less than 15% of the lesser of the commitment amount and the borrowing base for five consecutive business days, the company must comply with a minimum fixed-charge coverage ratio test of 1.1 to 1.0.

Accellent is a Wilmington, Mass.-based provider of outsourced manufacturing and engineering services to the medical device industry in the cardiology, endoscopy, drug delivery, neurology and orthopaedic markets.

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