Integra LifeSciences Holdings increased its credit facility with a bank group led by Bank of America. The company plans to use the incremental term loan to refinance a portion of its revolving borrowings under its existing facility and to pay fees, costs and expenses incurred in connection with the expanded credit facility.
The expanded credit facility includes the following terms:
- An increase in the credit facility from $900 million to $1.1 billion, consisting of a $750 million revolver and term loans of $350 million;
- An option to increase the aggregate size of the facility by $200 million with additional commitments;
- No change in pricing terms or commitment fees to the existing facility; and, no change to the current credit facility’s maturity date of July 2, 2019.
“We are pleased to improve our overall capital structure by expanding the size of our existing credit facility while maintaining favorable credit terms,” said Glenn Coleman, Integra LifeSciences’ chief financial officer. “With this expansion and our recent equity raise, we have the flexibility to pursue strategic acquisitions and invest organically to support our growth initiatives, and still meet our future financial obligations.”
Integra LifeSciences does not expect this increase in credit facility to have a material impact on 2015 financial performance.
Plainsboro, NJ-based Integra LifeSciences is dedicated to limiting uncertainty for caregivers, so they can concentrate on providing the best patient care.