Smart Global gets $275 million term A loan, $250 million revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 7 – Smart Global Holdings, Inc. completed refinancing transactions via a $275 million term loan A facility and a $250 million undrawn revolver, both due in 2027, according to a news release Monday.

Citizens Bank, NA led the transaction with Santander Bank, NA and Fifth Third Bank, NA as joint lead arrangers.

Interest on the credit facilities will be based on a total net leverage grid and will initially be at SOFR plus a credit spread adjustment plus 200 basis points.

The transactions refinance and replace the $125 million CreeLED purchase price note due 2023, the $100 million asset-based lending facility due 2023 and the $50 million credit agreement due 2025. The company had $35 million drawn on the ABL facility and no amount outstanding under the $50 million credit facility at the end of the first fiscal quarter of 2022.

The credit facilities provide the company with the flexibility to retire any earn-out liability associated with its CreeLED purchase.

Smart Modular is a Newark, Calif.-based manufacturer of memory modules and solid state storage products. Penguin Computing is a supplier of enterprise and high-performance computing and cloud computing solutions in North America and is based in Fremont, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.