BofA, Fifth Third, Others Arrange Facility for Checkpoint Systems
Checkpoint Systems announced that, effective December 11, 2013, it entered into a five-year $200 million multi-currency revolving credit facility with a syndicate of lenders, with the potential to increase to $300 million.
Bank of America Merrill Lynch, Fifth Third and HSBC acted as joint lead arrangers. Bank of America is serving as administrative agent.
In connection therewith, Checkpoint repaid all outstanding amounts under its existing $62.4 million revolving credit facility due to mature in July 2014 and $55.6 million in aggregate of its senior secured notes maturing between 2015 and 2017.
“The successful execution of our new credit facility significantly reduces our borrowing costs, enhances our overall liquidity and ensures maximum operational flexibility to execute our strategic plan,” Jeff Richard, Checkpoint CFO, said. “Our competitive market position, strong balance sheet and cash-flow profile all contributed to the success of this re-financing. We are extremely appreciative of the support we received from our group of new and select incumbent lenders as their total capital commitments exceeded our financing target by a large margin.”
Checkpoint Systems is a global provider of merchandise availability solutions for the retail industry.