Stericycle amends credit agreement to obtain additional $145 million

By Jennifer Chiou

New York, July 28 - Stericycle Inc. entered into the first amendment to its three-year loan credit agreement with Bank of America, NA as the administrative agent, under which it obtained an additional $145 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

HSBC Bank USA, NA is the syndication agent, and U.S. Bank NA, PNC/National City Bank, the Bank of Nova Scotia, the Northern Trust Co. and Fortis Bank SA/NV, New York Branch are lenders.

The amendment also increases to $175 million from $150 million the amount for which the company may request additional term loans prior to Dec. 25.

All in all, the additional term loan upped Stericycle's aggregate borrowings under the term loan credit agreement to $195 million from $50 million. It also reduced the amount for which the company may request additional term loans to $30 million from $175 million.

In addition, the lead arranger and book manager under the credit agreement has received signed commitments from three new lenders to become party to the term loan credit agreement and fund an additional term loan of $20 million. Stericycle said it anticipates, but cannot provide assurance, that this will be completed around Thursday.

Stericycle is a Lake Forest, Ill.-based provider of medical waste collection, transportation, treatment and disposal services and safety and compliance programs.

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