FRISCO, Texas, March 20, 2017 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE:ITGR), a leading medical device outsource (MDO) manufacturer, today announced that it has completed an amendment to its senior secured credit facilities to lower the interest rate on its Term B Loan Facility.
The amendment reduces the applicable interest rate margin of its Term B Loan Facility by 75 basis points, from LIBOR + 4.25% to LIBOR + 3.50%. The LIBOR floor remains at 1.00%. The amendment also includes a prepayment fee of 1.00% in the event of another repricing event (as defined in the senior secured credit facilities) on or before the six-month anniversary of this amendment. There is no change to maturities or covenants as a result of this repricing amendment. Additional information regarding the terms of the amendment can be found on our Form 8-K filed with the Securities and Exchange Commission today.
“We are pleased to have successfully amended our Term B Loan Facility to improve the cost of our capital structure,” said Thomas J. Hook, Integer’s president and chief executive officer. “The reduction in interest rate is expected to reduce annual interest expense by approximately $7 million, creating additional operating cash flow and financial flexibility for the Company. We appreciate the continued support of our lenders to help us improve the financial position of Integer. We remain focused on growing our business and making improvements to improve cash flow in order to accelerate the pay down of our debt obligations.”
Integer Holdings Corporation (NYSE:ITGR) is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets. The company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in energy, military, and environmental markets. The company's brands include Greatbatch™ Medical, Lake Region Medical™ and Electrochem™. Additional information is available at www.integer.net.