Agiliti Health refinances with expanded $300 million revolver due 2028

By Marisa Wong

Los Angeles, April 10 – Agiliti Health, Inc., an indirect subsidiary of Agiliti, Inc., entered into a sixth amendment to its credit agreement dated Jan. 4, 2019 with JPMorgan Chase Bank, NA as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other thing, replaces the existing $250 million revolving credit facility with a $300 million revolver on the same terms as the existing revolver, except that the maturity date has been extended to April 6, 2028.

The company also updated the benchmark interest rate provisions to replace Libor with a term rate based on SOFR for revolving loans extended in dollars, a term rate based on Euribor for loans extended in euros and a daily rate based on Sonia for revolving loans extended in sterling.

After the amendment, the interest rate margin will be set at 275 basis points, with step downs to 250 bps if the first-lien leverage ratio is less than or equal to 3.75 to 1.00 and 225 bps if the first-lien leverage ratio is less than or equal to 3.25 to 1.00.

Agiliti is an Eden Prairie, Minn.-based essential service provider to the U.S. health care industry.

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