Teradyne gets $122.5 million revolver

By Sara Rosenberg

New York, Nov. 20 - Teradyne Inc. closed on a new $122.5 million three-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Bank of America and RBS acted as the joint lead arrangers and bookrunners on the deal that was completed on Nov. 14, with Bank of America the administrative agent, RBS the syndication agent, and KeyBank the documentation agent.

Pricing on the revolver can range from Libor plus 300 basis points to 350 bps based on leverage, and there is a 75 bps unused fee. Initial pricing on the revolver is Libor plus 300 bps.

Financial covenants include a leverage ratio, fixed-charge coverage ratio and an available domestic cash to total revolving borrowings ratio.

Proceeds from the revolver, along with cash on hand, were used to finance the acquisition of Eagle Test Systems Inc., and will be available for working capital needs and general corporate purposes.

Teradyne is a North Reading, Mass.-based designer, developer, manufacturer, seller and servicer of automatic test equipment for the semiconductor industry.

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