Vishay Precision enters $75 million five-year revolving facility

By Wendy Van Sickle

Columbus, Ohio, March 23 – Vishay Precision Group, Inc. entered into a credit agreement on Friday providing for a $75 million five-year revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

There is a $10 million sublimit for letters of credit.

Commitments may be increased by up to $25 million.

The company may elect to make loans under the revolver in dollars, euros, Canadian dollars, sterling, Japanese yen or such other freely convertible foreign currency.

Borrowings bear interest at Libor plus a margin ranging from 150 basis points to 275 bps, and there is a commitment fee ranging from 25 bps to 40 bps, both based on the company’s leverage ratio.

The credit agreement includes a replacement for Libor in the event that Libor is discontinued.

Financial maintenance covenants include an interest coverage ratio and a leverage ratio.

JPMorgan Chase Bank, NA is the administrative agent and a joint lead arranger along with Citizens Bank, NA and Wells Fargo Bank, NA.

Proceeds will be used to refinance the company’s existing credit facility, for working capital and general corporate purposes and for other approved purposes.

The designer, manufacturer and marketer of resistive foil technology, sensors and sensor-based systems is based in Malvern, Pa.

© 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.