Intermec gets $100 million amended, restated revolver via Wells Fargo

By Sara Rosenberg

New York, Jan. 18 - Intermec Inc. is getting a $100 million three-year amended and restated secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Wells Fargo is the lead bank on the deal.

Pricing on the revolver can range from Libor plus 125 basis points to 175 bps, and the commitment fee can range from 15 bps to 25 bps, based on total funded debt to EBITDA.

There are financial covenants related to tangible net worth, annual net income after taxes, quarterly adjusted net income before taxes and asset coverage ratio.

The facility is being used to replace an existing $50 million unsecured revolver and for working capital requirements and general corporate purposes. It will also be used to fund the acquisition of Vocollect Inc., a provider of voice-centric solutions for mobile workers, from Riverside Partners.

The amendment and restatement was completed on Jan. 14 but will only become effective when the Vocollect transaction closes.

Intermec is an Everett, Wash.-based developer of products, services and technologies that identify, track and manage supply-chain assets and information.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.