FLIR Systems gets $500 million restated revolver, repays term loans

By Marisa Wong

Morgantown, W.Va., May 31 – FLIR Systems, Inc. entered into a $500 million five-year revolving credit agreement on Tuesday with Bank of America, NA as administrative agent, JPMorgan Chase Bank, NA and U.S. Bank NA as co-syndication agents, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings will bear interest at the interest rate paid for deposits in the applicable currency plus a margin of 112.5 basis points to 212.5 bps, depending on the company’s consolidated total leverage ratio.

FLIR will also pay a commitment fee on the undrawn commitments at a rate between 15 bps and 30 bps, depending on the consolidated total leverage ratio.

The company may increase the total amount of its commitments under the facility by up to an additional $200 million.

The amended and restated facility will not initially be guaranteed by any subsidiaries. In the future, some domestic subsidiaries, including domestic subsidiaries that guarantee other debt in excess of $100 million, may be required to become guarantors.

In connection with the restated credit agreement, FLIR terminated its existing $200 million five-year revolving credit facility and $150 million term loan facility.

At closing, FLIR made an initial borrowing of $105 million under the restated revolver and repaid in full all outstanding amounts, including $105 million of term loans, under the existing credit facility.

FLIR is a sensor and thermal imaging company based in Portland, Ore.

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