PLANO, Texas, Sept. 02, 2021 (GLOBE NEWSWIRE) — Integer Holdings Corporation (NYSE: ITGR), a leading medical device manufacturer, today announced that due to its financial strength and favorable debt markets, the Company successfully raised $1 billion in senior secured credit facilities (“New Facilities”) to refinance its existing debt (the “Transaction”). The new facilities consist of a five-year $400 million revolving credit facility, a five-year $250 million Term Loan A and a seven-year $350 million Term Loan B. operational flexibility and increases liquidity through a higher level of revolver capacity.
Highlights of the new facilities:
- This debt refinancing is expected to improve Integer’s future annualized diluted earnings per share by approximately $0.15, based on current debt outstanding and interest rates.
- Earliest debt maturity extended by four years from 2022 to 2026
- Enhanced key credit documentation terms that provide flexibility for ongoing operational and strategic initiatives
- Liquidity (cash + revolver availability) increased by around $120 million
- As part of this transaction, Moody’s and S&P upgraded Integer’s corporate family and senior collateral ratings to Ba3/BB- (each with stable outlook)
“Our new credit facilities are consistent with the execution of our disciplined capital structure strategy,” said Jason Garland, executive vice president and chief financial officer of Integer. “We were able to reduce our borrowing costs and create additional flexibility to invest in Integer’s growth plans. As we invest, our target to keep total net debt to adjusted EBITDA within a range of 2.5 to 3.5 times remains unchanged. We appreciate the strong support of our lenders in completing these new facilities. »
Wells Fargo Bank, National Association is acting as Administrative Agent, Swingline Lender and Originating Lender. Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Bank, National Association, Keybanc Capital Markets, Inc., Citigroup Global Markets Inc. and Santander Bank, NA acted as Joint Lead Arrangers and Joint Bookrunners.
Additional information regarding the terms of the new facilities can be found on our Form 8-K filed with the Securities and Exchange Commission today.
Integer Holdings Corporation (NYSE:ITGR) is one of the world’s largest medical device outsourcing (MDO) manufacturers, serving the Cardiac, Neuromodulator, Vascular, Wearable Medical, Advanced Surgical and Orthopedic markets. The company provides innovative, high-quality medical technologies that improve the lives of patients around the world. In addition, it develops batteries for high-end niche applications in the energy, military and environmental markets. Greatbatch Medical®, Medical Lake Region® and electrochemistry® include company brands. Additional information is available at www.integer.net.
Certain of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our expectations of the benefits of the new facilities. These forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions regarding future events. You can identify forward-looking statements by words such as “may”, “will”, “should”, “could”, “expect”, “intend”, “plan”, ” anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continues” or variations or the negative form of these terms or other comparable terms. These statements are subject to risks, uncertainties and assumptions and are only predictions and actual events or results may differ materially from those expressed or implied by these forward-looking statements. When evaluating these statements, you should carefully consider a number of factors, including, but not limited to, the risks and uncertainties that arise from time to time and are described in Section 1A “Factors of Risk” in our Annual Report on Form 10-K and in our other periodic filings with the SEC. Except as required by law, we undertake no obligation to update any forward-looking statements contained in this press release, whether to reflect changed assumptions, the occurrence of unforeseen events or changes in the results of future operating, financial conditions or prospects, or otherwise.