JPMorgan Leads AngioDynamics Debt Refinancing
AngioDynamics announced it amended its existing credit facilities and successfully refinanced its long-term debt. JPMorgan Chase acted as lead bank; Bank of America and KeyBank acted as co-arrangers.
The facility includes two components: a $100 million term loan and a $100 million revolving line of credit. The company will retire all existing loans with the new debt facilities.
The new lending facility will improve AngioDynamics’ capital structure and provide greater flexibility to support the execution of its growth strategy. The new debt facility will reduce the company’s interest rate on its credit facility by up to 75 basis points and improve its cash-flow while extending the maturity of the debt.
“We are always exploring ways to reduce costs in this economic environment, and we saw an opportunity to take advantage of favorable debt market conditions,” commented Mark Frost, executive vice president and chief financial officer. “This refinance will reduce our interest expense by over $1 million per year and improve our future cash flow. We appreciate the support of our corporate lenders in this transaction.”
AngioDynamics is a provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology.