Daily News: April 24, 2019

Wells Fargo Upsizes OSI Systems Credit Facility to $535MM


OSI Systems amended its senior secured credit facility, increasing the amount available to borrow to $535 million, lowering borrowing costs, increasing the flexibility of certain restrictive provisions, including those related to permitted acquisitions and dispositions, and extending the maturity from December 2021 to April 2024.

Alan Edrick, executive vice president and chief financial officer, said, “We are pleased to successfully complete this amendment, which includes many additional favorable terms that enhance our financial flexibility to support continued growth while simultaneously reducing our borrowing costs. This transaction highlights not only the strength of our business, but also the continued strong support from our lenders.”

Wells Fargo Securities, Merrill Lynch, and JPMorgan Chase served as joint lead arrangers and joint bookrunners. Wells Fargo Bank will serve as the administrative agent on the facility.

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.