BofA, Wells, PNC Lead Cantel Medical $250MM Revolver
Cantel Medical announced that it entered into an amended and restated credit facility that established new terms under its revolving credit facility with its existing bank group led by Bank of America, Wells Fargo Bank and PNC Bank.
The amended and restated credit facility includes an expansion of total borrowing capacity to $250 million, up from $150 million for the prior credit facility; an option to increase the aggregate size of the credit facility by $100 million with additional commitments, a decrease in the applicable rates used for borrowings and a decrease in the annual commitment fee, the ability to borrow funds in all major currencies and
an extension of the credit facility’s maturity date to March 4, 2019.
The facility will be used to refinance borrowings under an existing facility and for capital expenditures, acquisitions and other general corporate purposes.
“We are pleased that we were able to expand the capacity, lengthen the maturity and establish more favorable terms under our credit facility. This new facility provides us with increased financial flexibility and access to more capital to support the company’s continued growth through 2019,” said Craig Sheldon, Cantel Medical’s SVP, CFO and treasurer.
Cantel Medical is a global company dedicated to delivering infection prevention and control products and services for patients, caregivers, and other healthcare providers.