Integer pushes up revolver to $500 million, extends to 2028

By Mary-Katherine Stinson

Lexington, Ky., Feb. 16 – Integer Holdings Corp. amended and extended the credit agreement that lists Greatbatch Ltd. as borrower and Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission regarding the Feb. 15 modification.

The amendment increased the maximum borrowing capacity under the revolving credit facility to $500 million from $400 million and extended the maturity date of the revolver and the term A loan to Feb. 15, 2028.

The term A loan commitment was increased to $400 million from $250 million, as a $350 million term loan B was repaid, shifting the amount of the total facility down to $900 million from $1 billion.

SOFR has replaced Libor as the benchmark interest rate. Borrowings under the revolver and the term loan A will bear interest at SOFR plus a credit spread adjustment of 10 basis points subject to a 0% floor plus a margin ranging from 125 bps and 225 bps based on the company’s then-current consolidated secured net leverage ratio.

There will continue to be a quarterly commitment fee on the average daily unused portion of the revolver ranging between 15 bps and 25 bps annually also determined by the company’s then-current consolidated secured net leverage ratio.

The amendment also permits euro-denominated borrowings under the revolver subject to a sublimit equal to 50% of the maximum borrowing capacity. The euro loans will bear interest at Euribor subject to a 0% floor plus a margin ranging from 125 bps and 225 bps based on the company’s then-current consolidated secured net leverage ratio.

Carveouts were added to certain negative covenants included in the agreement to permit the expansion of company capacity in Ireland and any debt it might cause.

Wells Fargo Bank, NA is the administrative agent.

Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Bank, NA, Keybanc Capital Markets, Inc., Citigroup Global Markets Inc. and Santander Bank, NA are the joint lead arrangers and joint bookrunners.

Bank of America, NA, Fifth Third Bank, NA, KeyBank, NA, Citigroup Global Markets Inc. and Santander Bank, NA are the syndication agents.

Manufacturers and Traders Trust Co., Capital One, NA and Regions Bank are the documentation agents.

Integer is a Plano, Tex.-based medical device manufacturer.

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