LITTLE FALLS, N.J.,
March 5, 2014 /PRNewswire/
-- CANTEL MEDICAL CORP. (NYSE: CMN), today announced
that it has entered into an amended and restated credit facility
which established new terms under its revolving credit facility
with its existing bank group led by Bank of America, N.A., and
including Wells Fargo Bank, N.A. and PNC Bank, N.A.
"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 increased
financial flexibility and access to more capital to support the
company's continued growth through 2019," said Craig Sheldon, Cantel Medical's Senior Vice
President, Chief Financial Officer and Treasurer.
The amended and restated credit facility includes the
following:
- an expansion of total borrowing capacity to $250 million, up from $150
million for the prior credit facility;
- an option to increase the aggregate size of the credit facility
by $100 million with additional
commitments;
- a decrease in the applicable rates used for borrowings and a
decrease in the annual commitment fee;
- the ability to borrow funds in all major currencies; and
- an extension of the credit facility's maturity date to
March 4, 2019.
Cantel Medical plans to use the new credit facility to refinance
the company's borrowings under its existing facility and for
capital expenditures, acquisitions, and other general corporate
purposes.
About Cantel Medical Corp.
Cantel Medical is a leading
global company dedicated to delivering innovative infection
prevention and control 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, and specialty packaging for infectious and biological
specimens. 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.
SOURCE Cantel Medical Corp.