Sensata Technologies expands revolver to $750 million, extends maturity

By Wendy Van Sickle

Columbus, Ohio, June 29 – Sensata Technologies Inc. amended its credit agreement dated May 12, 2011 on June 23 to increase commitments under the revolver by $330 million to $750 million and to extend the maturity date, among other things, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the maturity date of the revolver was pushed out to the earlier of June 23, 2027 or June 22, 2026 if the term loans under the credit agreement are not refinanced by that date with a maturity date that is on or after June 23, 2027.

Also, the amendment released the foreign guarantors from their obligations under the agreement, SOFR was introduced to replace Libor, and some operational and restrictive covenants were modified to provide the borrower with increased flexibility.

The margin above term SOFR ranges from 100 basis points to 150 bps, and the commitment fee ranges from 12.5 bps to 25 bps, both depending on senior secured net leverage ratio.

Morgan Stanley Senior Funding, Inc. is the administrative agent and is a joint lead arranger and bookrunner along with Barclays Bank plc. Additional joint bookrunners are Goldman Sachs Bank USA, BMO Capital Markets and RBC Capital Markets.

Barclays in syndication agent.

Goldman, Bank of Montreal, Royal Bank of Canada, Mizuho Corporate Bank, Ltd., Raymond James Bank, FSB and Credit Industriel et Commercial are the co-documentation agents.

Sensata is a producer of sensors and controls for manufacturers in the automotive, appliance, aircraft, industrial and HVAC markets.

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