CooperCompanies Announces $2.14 Billion Senior Credit Facility and Amendment of $500 Million 364-Day Credit Facility
April 01 2020 - 3:15PM
CooperCompanies (NYSE:COO) today announced the closing of a new
five-year $2.14 billion senior unsecured credit facility, comprised
of a $1.29 billion revolving line of credit and $850 million
non-amortizing term loan. Proceeds from the refinancing will be
used to retire all indebtedness under the Company’s existing $1.0
billion revolving line of credit and $1.0 billion term loan, as
well as for general corporate purposes. The borrowing rates will be
based on the Company’s leverage ratio, as defined in the Credit
Agreement, and can range from LIBOR plus 0.75 percent to 1.5
percent. The initial borrowing rate is LIBOR plus 0.875 percent,
which is 25 bps lower than the Company’s current borrowing rate.
The Company also announced an amendment to its $500 million 364-day
credit facility to match terms and conditions of the new facility
where applicable.
“We initiated this financing before COVID-19 became a pandemic,
and I want to thank the banks who maintained their support during
this time. In particular, KeyBank, which led the deal and did a
fantastic job,” said President and CEO, Albert White. “This
facility extends our maturity dates, reduces pricing and provides
additional availability, reflecting the strength of Cooper.”
About CooperCompanies CooperCompanies
("Cooper") is a global medical device company publicly traded on
the NYSE (NYSE:COO). Cooper operates through two business units,
CooperVision and CooperSurgical. CooperVision brings a refreshing
perspective on vision care with a commitment to developing a wide
range of high-quality products for contact lens wearers and
providing focused practitioner support. CooperSurgical is committed
to advancing the health of women, babies and families with its
diversified portfolio of products and services focusing on medical
devices and fertility & genomics. Headquartered in San Ramon,
Calif., Cooper has a workforce of more than 12,000 with products
sold in over 100 countries. For more information, please visit
www.coopercos.com.
Contact:Kim DuncanVice President, Investor Relations and Risk
Management925-460-3663ir@cooperco.com
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