OSI Systems Enters into New Credit Facility
October 18 2010 - 7:00AM
Business Wire
OSI Systems, Inc. (NASDAQ: OSIS) today announced that it has
entered into a new five-year $250 million revolving credit facility
that increases its financial flexibility and extends maturities to
2015. The credit facility, co-arranged by Wells Fargo Securities,
LLC and Banc of America Securities, LLC, replaced the Company’s
previous $100 million credit facility, which had consisted of a
revolver and an amortizing term loan, and was paid off using the
Company’s existing cash balances.
Alan Edrick, Executive Vice President and CFO stated, “We are
pleased to have entered into this larger credit facility that
provides OSI with additional access to capital and enhanced
features as compared with our prior credit facility. The new
facility underscores the significant improvement in the Company’s
financial performance over the last couple of years and the strong
support that we have from our lender syndicate. The facility
combined with our strong balance sheet positions us well to
continue to implement our plan of growth to deliver value to OSI
shareholders.”
About OSI Systems, Inc.
OSI Systems, Inc. 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. We combine more than 30 years of
electronics engineering and manufacturing experience with offices
and production facilities in more than a dozen countries to
implement a strategy of expansion into selective end product
markets. For more information on OSI Systems Inc. or any of its
subsidiary companies, visit www.osi-systems.com. News Filter:
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This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include information regarding the
company's expectations, goals or intentions about the future,
including statements related to the company’s recently completed
credit facility, business plans and growth and operational
expectations. These forward-looking statements by their nature
involve risks and uncertainties, and actual results may differ
materially from those described in or implied by any
forward-looking statement depending on a variety of important
factors, including, among others, that the continuing availability
of credit under the credit facility is dependent on, among other
things, the company's continued compliance with a variety of
financial and operational covenants and other factors as may be
discussed in the Company's reports filed with the Securities and
Exchange Commission. The actual results may differ materially from
those described in or implied by any forward-looking statement.
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