TE Connectivity extends revolver maturity, lowers interest rate margin

By Marisa Wong

Morgantown, W.Va., Dec. 9 – TE Connectivity Ltd. amended its revolving credit facility dated June 24, 2011 to adjust pricing and extend the maturity date, according to an 8-K filing with the Securities and Exchange Commission.

The second amendment to the revolver reduces the interest rate margin if the rating of Tyco Electronics Group SA’s senior debt increases. TE Connectivity’s wholly owned subsidiary Tyco Electronics is the borrower under the revolver.

The applicable margin for Libor loans now ranges from 57.5 basis points to 100 bps, depending on the debt rating.

The amendment also extends the maturity date to Dec. 9, 2020 from Aug. 2, 2018.

In addition, the amendment increases the judgment default threshold to $150 million from $55 million.

Changes were also made to reflect that Bank of America, NA has succeeded Deutsche Bank AG New York Branch as administrative agent under the credit agreement.

Based in Schaffhausen, Switzerland, TE Connectivity designs and manufactures electronic connection products for industries, including automotive, energy and industrial, broadband communications, consumer devices, health care and aerospace and defense.

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