Agiliti amends credit agreement for $250 million replacement revolver

By Marisa Wong

Los Angeles, May 3 – Agiliti, Inc. indirect subsidiary Agiliti Health, Inc. entered into a fourth amendment on April 27 to its credit agreement dated Jan. 4, 2019 comprising a $190 million five-year senior secured revolver and $1,135,000,000 seven-year senior secured term loan, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the existing revolver was terminated and a new revolver was incurred in an aggregate principle amount of $250 million.

The interest rate margin for borrowings under the new revolver was set at Libor plus 275 basis points, with step-downs to Libor plus 250 bps if the first-lien leverage ratio is less than or equal to 3.75 to 1.00 and Libor plus 225 bps if the first-lien leverage ratio is less than or equal to 3.25 to 1.

The commitment fee on the average daily undrawn portion of the new revolver was reduced to 37.5 bps if the first-lien leverage ratio is greater than 3.25 to 1 and 25 bps if the first-lien leverage ratio is less than or equal to 3.25 to 1.

Borrowings under the new revolver mature the earlier of six months prior to the then-existing final maturity date of the related term loans and Jan. 4, 2026.

JPMorgan Chase Bank, NA as administrative agent.

Agiliti is a Minneapolis-based provider of health care technology management and service solutions.

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