Wells Fargo Agents OSI Systems Facility Upsize
OSI Systems announced that it has entered into an amendment to its credit facility that increases the amount available to $450 million. The amendment extends the maturity from November 2016 to May 2019 and increases the flexibility of certain restrictive covenants, including provisions related to acquisitions, additional indebtedness, and restricted payments including share repurchases. The amendment also reduces borrowing costs under the credit facility depending upon the company’s leverage compared to the prior facility.
OSI said Wells Fargo Securities served as left lead arranger on the credit facility. Merrill Lynch served as a joint lead arranger. Wells Fargo Bank will serve as the administrative agent, Bank of America as syndication agent and U.S. Bank, JPMorgan Chase, HSBC Bank USA and Union Bank as joint-documentation agents with respect to the amended credit facility.
Hawthorne, CA-based OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense and aerospace industries.