CalAmp gets $50 million secured revolving credit facility due 2020

By Sarah Lizee

Olympia, Wash., April 5 – CalAmp Corp. entered into a credit agreement on March 30 that provides for a $50 million secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent, bookrunner and lead arranger.

The facility may be increased to up to $75 million, subject to some conditions.

The maturity date is March 30, 2020.

Borrowings bear interest at Libor plus a margin that ranges from 100 basis points to 150 bps, based on the senior leverage ratio. Initially, interest is Libor plus 150 bps.

The commitment fee is 25 bps.

Proceeds will be used for working capital and general corporate purposes, which could include acquisitions.

The company said that as of Thursday, it has no immediate plans to draw on the facility, though it may do so in future.

Oxnard, Calif.-based CalAmp develops and markets wireless communications products.

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