IDEX pays interest at Libor plus 91 bps to 150 bps on new revolver

By Wendy Van Sickle

Columbus, Ohio, June 25 – IDEX Corp.’s new $700 million revolving credit facility bears interest on borrowings at Libor plus 91 points to Libor plus 150 bps, depending on the company’s senior unsecured long-term debt rating, as outlined in an 8-K filing with the Securities and Exchange Commission.

There revolver includes a facility fee of 9 to 25 bps, also depending on the debt rating.

Up to $75 million of the facility is available for issuance of letters of credit, and up to $50 million is available for swing line loans on a same-day basis.

The new facility matures June 23, 2020 and replaces the company’s five-year, $700 million credit agreement dated June 27, 2011, as previously reported. That agreement was due to mature in June 2016.

Bank of America Merrill Lynch, JP Morgan Securities LLC and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners.

Bank of America, NA is the administrative agent. JPMorgan Chase Bank, NA and Wells Fargo Bank, NA are the co-syndication agents. Mizuho Bank, Ltd., U.S. Bank, NA and Barclays Bank plc are the co-documentation agents.

The deal was closed on Tuesday.

The revolver may be used for working capital and other general corporate purposes, including refinancing existing debt.

Based in Lake Forest, Ill., IDEX develops, designs and manufactures fluidics systems and components.

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