Jabil amends bridge loan, extending maturity, converting a portion into a revolver

By Sara Rosenberg

New York, Dec. 31 - Jabil Circuit Inc. amended its bridge loan, extending the maturity date to June 17, 2008 from Dec. 20 and converting it into a $200 million revolver that is available only if its existing revolver is fully drawn, according to an 8-K filed with the Securities and Exchange Commission.

In addition, the company drew $400 million under its existing revolver to pay down the $400 million outstanding under the term loan portion of its bridge loan. The company still has $255 million available under the existing revolver.

Pricing on the revolver under the amended bridge loan can range from Libor plus 130 basis points to 250 bps, based on ratings. The spread will step up by 25 bps on March 20.

The amendment was completed on Dec. 20.

Citigroup is the agent on the bridge loan.

Jabil is a St. Petersburg, Fla., provider of electronic manufacturing services.

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