Stericycle boosts revolver to $1.2 billion, extends to 2019

By Toni Weeks

San Luis Obispo, Calif., June 4 - Stericycle, Inc. entered into a second amended and restated credit agreement on June 3 with Bank of America, NA as administrative agent, swingline lender, letter-of-credit issuer and a lender to increase its unsecured revolving credit facility to $1.2 billion from $1 billion, according to an 8-K filing with the Securities and Exchange Commission.

In addition, the maturity date of the restated facility was extended to June 3, 2019 from Sept. 21, 2016.

Borrowings initially bear interest at Libor plus 112.5 basis points. The exact margin may vary from 90 bps to 150 bps based on the company's consolidated leverage ratio. There is a facility fee of 10 bps to 25 bps, also based on leverage.

JPMorgan Chase Bank, NA and HSBC Bank USA, NA are syndication agents. Union Bank, NA and Santander Bank, NA are co-documentation agents. BofA Merrill Lynch and J.P. Morgan Securities LLC are joint lead arrangers and joint bookrunners.

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

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