Knowles, a supplier of advanced micro-acoustic, audio processing and specialty component solutions, closed a new credit facility with JPMorgan as administrative agent.
According to a related 8-K filing, the new credit facility provides for a five-year senior secured revolving credit facility in an aggregate principal amount not to exceed $400 million. Up to $100 million of the facility will be available in Euro, Sterling and other currencies requested by the company and agreed to by each lender. Up to $50 million will be made available in the form of letters of credit denominated in currencies approved by the administrative agent and the issuing banks as requested by the company.
JPMorgan Chase is administrative agent for the facility. JPMorgan, Merrill Lynch and Citibank are joint lead arrangers and joint bookrunners. Sumitomo Mitsui and PNC are co-documentation agents.
JPMorgan will make a swingline facility available, allowing the borrowers to request short-term borrowings in U.S. dollars in an aggregate amount outstanding at any time not to exceed $20 million. JPMorgan will fulfill these requests at the bank’s discretion.
At any time during the term of the new credit facility, the company will be permitted to increase the commitments under the new credit facility or to establish one or more incremental term loan facilities under the new credit facility in an aggregate principal amount not to exceed $200 million for all such incremental facilities.
Commitments under the new credit facility will terminate, and loans outstanding thereunder will mature, on October 11, 2022.