Daily News: January 23, 2017

JPMorgan Agents $1.75B Facility for Teleflex


Teleflex refinanced its credit facilities with JPMorgan as administrative agent, providing a $1 billion five-year revolver and a $750 million delayed draw loan.

According to a related 8-K filing, the delayed draw loan will be available until May 30, 2017 (the trigger date) to finance the acquisition of Vascular Solutions. The obligations under the company credit agreement are guaranteed by substantially all of the material domestic subsidiaries of the company. As of the effective date and prior to the trigger date, the obligations under the company credit agreement are secured, subject to certain exceptions and limitations, by a pledge of the equity interests of all material domestic subsidiaries of the company and each guarantor and 65% of the equity interests of certain material first-tier foreign subsidiaries of the company and each guarantor.

After the trigger date, the obligations under the company credit agreement will be secured by a lien on substantially all of the assets owned by the company and each guarantor. The maturity date of the revolving credit facility is January 20, 2022, and the delayed draw term loan facility will mature five years after the trigger date.

JPMorgan, Bank of America and PNC are co-syndication agents for the facility. Citizens Bank of Pennsylvania, DNB Bank New York Branch, HSBC Securities, MUFG Union Bank, Sumitomo Mitsui and Wells Fargo are co-documentation agents. Capital One, Citibank, Fifth Third Bank and U.S. Bank are senior managing agents. JPMorgan, Merrill Lynch, PNC Capital Markets, Citizens Bank, DNB Markets, HSBC Securities MUFG, Sumitomo Mitsui and Wells Fargo are joint lead arrangers.