LITTLE FALLS, N.J.,
July 2, 2018 /PRNewswire/ -- Cantel
Medical Corp. (NYSE: CMD) today announced that it has completed a
refinancing of its credit facility by amending the existing
agreement to include a $200 million
of tranche A term loan and a $400
million revolving credit facility. A portion of the
proceeds of the new tranche A term loan were used by Cantel to
repay $164 million of revolving
credit loans under the existing credit agreement and to pay
transaction fees and expenses. Future borrowings under the
amended revolving credit facility will be used to support Cantel's
strategic growth initiatives, capital expenditures and for general
corporate purposes. The amended revolving credit facility and
the tranche A term loan mature on June 28,
2023.
The amended credit agreement reduces Cantel's cost of debt and
provides greater flexibility in its capital structure. In
addition to the $200 million tranche
A term loan, it includes an increase in revolving credit
commitments from $250 million to
$400 million. The facility provides
for a decrease in the applicable rates used for borrowings and a
decrease in the annual commitment fee. The amended credit agreement
also includes a $300 million
"accordion" feature that increases Cantel's aggregate borrowing
capacity. Immediately following completion of the refinancing,
Cantel has $200 million of term loan
borrowings outstanding under the amended credit facility, and
available borrowing capacity under the revolving credit facility of
$400 million, exclusive of the
accordion.
"We are pleased that we were able to expand the capacity,
lengthen the maturity and establish more favorable terms under our
credit facility. This new facility provides us with greater
financial flexibility and ample access to capital necessary to
support the ongoing acquisition strategy and other growth
initiatives of Cantel for the coming years," said Peter Clifford, Executive Vice President and
Chief Financial Officer.
About Cantel Medical:
Cantel Medical is a leading
global company dedicated to delivering innovative infection
prevention products and services for patients, caregivers, and
other healthcare providers which improve outcomes, enhance safety
and help save lives. Our products include specialized medical
device reprocessing systems for endoscopy and renal dialysis,
advanced water purification equipment, sterilants, disinfectants
and cleaners, sterility assurance monitoring products for hospitals
and dental clinics, disposable infection control products primarily
for dental and GI endoscopy markets, dialysate concentrates, hollow
fiber membrane filtration and separation products. Additionally, we
provide technical service for our products.
For further information, visit the Cantel website at
www.cantelmedical.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements involve a number of risks and uncertainties,
including, without limitation, the risks detailed in Cantel's
filings and reports with the Securities and Exchange Commission.
Such forward-looking statements are only predictions, and actual
events or results may differ materially from those projected or
anticipated.
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SOURCE Cantel Medical Corp.