OSI Systems Enters into New Credit Facility
OSI Systems, Inc. (NASDAQ: OSIS) today announced that it has entered into a new five-year $250 million revolving credit facility that increases its financial flexibility and extends maturities to 2015. The credit facility, co-arranged by Wells Fargo Securities, LLC and Banc of America Securities, LLC, replaced the Company's previous $100 million credit facility, which had consisted of a revolver and an amortizing term loan, and was paid off using the Company's existing cash balances.
Alan Edrick, Executive Vice President and CFO stated, “We are pleased to have entered into this larger credit facility that provides OSI with additional access to capital and enhanced features as compared with our prior credit facility. The new facility underscores the significant improvement in the Company's financial performance over the last couple of years and the strong support that we have from our lender syndicate. The facility combined with our strong balance sheet positions us well to continue to implement our plan of growth to deliver value to OSI shareholders.”
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