Stryker amends revolver to lift size to $1.25 billion, extend maturity

By Jennifer Chiou

New York, Sept. 3 – Stryker Corp. amended and restated on Aug. 29 its revolving credit facility with JPMorgan Chase Bank, NA as administrative agent, extending the maturity to Aug. 22, 2019 and increasing the capacity to $1.25 billion, according to an 8-K filing with the Securities and Exchange Commission.

The company also revised the definition of consolidated EBITDA.

The credit agreement still includes a $500 million accordion as well as a $500 million multicurrency sublimit with no sublimit for euro borrowings and a $250 million letter-of-credit sublimit.

The annual facility fee ranges from 4.5 basis points to 20 bps, while borrowings bear interest at Libor plus 58 bps to 130 bps, both dependent on the company’s credit ratings.

The medical technology company is based in Kalamazoo, Mich.

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