Zebra Technologies repriced its $1.7 billion term loan. Under the amended term loan, the interest rate has been reduced by 75 basis points to LIBOR + 2.50% (LIBOR floor of 0.75% is unchanged), from LIBOR + 3.25%, which is expected to generate annualized interest expense savings of approximately $13 million based on the current principal balance outstanding. The company expects to continue to reduce the principal balance prior to the October 27, 2021 maturity date.

JPMorgan Chase Bank was revolving facility administrative agent. Morgan Stanley Senior Funding was term loan administrative agent and collateral agent.

For Q4/16, the company expects to incur approximately $1 million of accelerated amortization of debt issuance cost and discount, as well as approximately $1 million of repricing transaction fees. The company also expects interest expense savings of approximately $1 million in the quarter due to the repricing.

Lincolnshire, IL-based Zebra provides information services to enterprises requiring real-time visibility.