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Extends maturity to May 2019
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Lowers borrowing costs
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Increases operational and financial flexibility
HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (NASDAQ: OSIS) today announced that it has entered
into an amendment to its credit facility that increases the amount
available to $450 million. The amendment extends the maturity from
November 2016 to May 2019 and increases the flexibility of certain
restrictive covenants, including provisions related to acquisitions,
additional indebtedness, and restricted payments including share
repurchases. The amendment also reduces borrowing costs under the credit
facility depending upon the Company's leverage compared to the prior
facility.
Alan Edrick, Executive Vice President and CFO stated, "We are pleased to
complete this larger credit facility that provides the Company with a
lower cost of capital along with numerous improved terms. The facility
underscores the Company's financial performance and the strong support
from our lender syndicate. Our solid balance sheet coupled with this
facility provides us with enhanced liquidity and financial flexibility
to support our long-term growth strategy."
Wells Fargo Securities, LLC served as Left Lead Arranger on the credit
facility. Merrill Lynch, Pierce, Fenner & Smith Incorporated served as a
Joint Lead Arranger.
Wells Fargo Bank, National Association, will serve as the Administrative
Agent, Bank of America, N.A., as Syndication Agent and U.S. Bank N.A.,
JPMorgan Chase Bank, N.A., HSBC Bank USA, N.A., and Union Bank, N.A., as
Joint-Documentation Agents with respect to the amended credit facility.
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and manufacturer
of specialized electronic systems and components for critical
applications in the homeland security, healthcare, defense and aerospace
industries. We combine more than 30 years of electronics engineering and
manufacturing experience with offices and production facilities in more
than a dozen countries to implement a strategy of expansion into
selective end product markets. For more information on OSI Systems,
Inc. or any of its subsidiary companies, visit www.osi-systems.com.
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This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements
relate to the Company's current expectations, beliefs, projections and
similar expressions concerning matters that are not historical facts and
are not guarantees of future performance. Forward-looking statements
involve uncertainties, risks, assumptions and contingencies, many of
which are outside the Company's control that may cause actual results to
differ materially from those described in or implied by any
forward-looking statements. All forward-looking statements are based on
currently available information and speak only as of the date on which
they are made. The Company assumes no obligation to update any
forward-looking statement made in this press release that becomes untrue
because of subsequent events, new information or otherwise, except to
the extent it is required to do so in connection with its ongoing
requirements under Federal securities laws. For a further discussion of
these and other factors that could cause the Company's future results to
differ materially from any forward-looking statements, see the section
entitled "Risk Factors" in the Company's Annual Report on Form 10-K for
the year ended June 30, 2013 and other risks described in documents
filed by the Company from time to time with the Securities and Exchange
Commission.
OSI Systems, Inc.
Ajay Vashishat
Vice President,
Business Development
310-349-2237
avashishat@osi-systems.com
Source: OSI Systems, Inc.
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