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Masimo enters into $150 million five-year multicurrency facility
By Wendy Van Sickle
Columbus, Ohio, Dec. 21 – Masimo Corp. entered into a $150 million five-year revolving credit agreement on Dec. 17, according to an 8-K filing with the Securities and Exchange Commission.
Masimo may increase the borrowing capacity to up to $550 million via an accordion feature.
There is a $25 million sublimit for letters of credit and a $75 million sublimit for borrowings in foreign currencies.
Borrowings bear interest at Libor plus a spread of 112.5 basis points to 200 bps, based on the company’s net leverage ratio.
The unused fee ranges from 15 bps to 27.5 bps, also depending on leverage.
The terms of the facility include financial covenants related to a leverage ratio and an interest charge coverage ratio.
Proceeds will be used for general corporate, capital investment and working capital needs.
JPMorgan Chase Bank, NA is administrative agent.
Based in Irvine, Calif., Masimo is a global medical technology company that develops and manufactures noninvasive patient-monitoring technologies.
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