The Amended Facility consists of the following key changes to the Existing Facility:
Revolving loan facility upsized to
- Increases the revolving loan commitments from
$600 million to$750 million . - Maturity date extended from
March 2025 toJune 2029 .
New Term A and Term B loans with a total original principal amount of
- Replaces (and terminates) the two existing term loans (aggregate of
$604 million outstanding) with (i) a new term A loan in the original principal amount of$250 million (the “Term A Loan”), with a maturity date inJune 2029 , and (ii) a new term B loan in the original principal amount of$500 million (the “Term B Loan”), with a maturity date inJune 2031 . - The new Term A Loan currently bears interest at adjusted Term SOFR plus 1.75%1, and is subject to quarterly principal repayments of
$3.125 million . - The new Term B Loan currently bears interest at Term SOFR plus 1.75%2, and is subject to quarterly principal repayments of
$1.250 million .
The Term Loans were drawn in full at closing. A substantial portion of the proceeds were used to repay all amounts outstanding under the terminated term loan facilities and a portion of the balance outstanding under the existing Revolver3, as well as certain fees and expenses relating to the Amended Facility. Remaining Term Loan proceeds, as well as amounts available under the Revolver, are permitted to be used for general corporate activities.
The Amended Facility was provided by a syndicate of lenders with
All dollar amounts are denominated in
* via an amended and restated agreement
1 The Term A Loan bears interest at varying rates (as specified in the Amended Facility), plus a margin ranging from 1.50% — 2.25% or from 0.50% - 1.25%, in each case depending on the rate we select and our consolidated total net leverage ratio (as defined in the Amended Facility). Adjusted Term SOFR is Term SOFR + 0.10%.
2 The Term B Loan bears interest at Term SOFR plus 1.75% or the Base Rate plus 0.75%, depending on the rate we select and our consolidated total net leverage ratio (each as defined in the Amended Facility).
3 Under the Amended Facility, outstanding amounts under the Revolver bear interest at varying rates (as specified therein), plus a margin ranging from 1.50% — 2.25%, or from 0.50% — 1.25%, in each case depending on the currency of the borrowing, the rate we select, and our consolidated total net leverage ratio (as defined in the Amended Facility). A portion of the Term Loan proceeds were used to repay
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