OSI Systems Amends Credit Facility
April 23 2019 - 3:30PM
Business Wire
- Upsizes facility to $535
million
- Lowers borrowing costs
- Increases operational and financial
flexibility
- Extends maturity to 2024
OSI Systems, Inc. (NASDAQ: OSIS) (the “Company” or “OSI
Systems”) today announced that it has entered into an amendment to
its senior secured credit facility that increases the amount
available to borrow to $535 million, lowers borrowing costs,
increases the flexibility of certain restrictive provisions,
including those related to permitted acquisitions and dispositions,
and extends the maturity from December 2021 to April 2024.
Alan Edrick, Executive Vice President and Chief Financial
Officer, stated, “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, LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated (formerly known as Banc of America Securities
LLC) and JPMorgan Chase Bank, N.A. served as Joint Lead Arrangers
and Joint Bookrunners.
Wells Fargo Bank, National Association, will serve as the
Administrative Agent on the facility.
About OSI Systems
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. The Company combines more than
40 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 or any of
its subsidiary companies, visit OSI Systems. News Filter:
OSIS-G
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements relate to OSI Systems’ current
expectations, beliefs, and projections concerning matters that are
not historical facts. Forward-looking statements are not guarantees
of future performance and involve uncertainties, risks,
assumptions, and contingencies, many of which are outside OSI
Systems’ control and which may cause actual results to differ
materially from those described in or implied by any
forward-looking statements. Undue reliance should not be placed on
forward-looking statements, which are based on currently available
information and speak only as of the date on which they are
made. OSI Systems assumes no obligation to update any
forward-looking statement made in this press release that becomes
untrue because of subsequent events, new information, or otherwise,
except to the extent it is required to do so in connection with its
ongoing requirements under Federal securities laws. For a further
discussion of factors that could cause OSI Systems’ future results
to differ materially from any forward-looking statements, see the
section entitled "Risk Factors" in OSI Systems’ most recently filed
Annual Report on Form 10-K and other risks described therein and in
documents subsequently filed by OSI Systems from time to
time with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190423005895/en/
OSI Systems, Inc.Ajay VashishatVice President, Business
Development310-349-2237avashishat@osi-systems.com
OSI Systems (NASDAQ:OSIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
OSI Systems (NASDAQ:OSIS)
Historical Stock Chart
From Jul 2023 to Jul 2024