Matthews International upsizes with $1.15 billion restated agreement

By Wendy Van Sickle

Columbus, Ohio, April 28 – Matthews International Corp. entered into a second amended and restated loan agreement on Tuesday that increases the total borrowing capacity of its domestic loan agreement to $1.15 billion from $900 million, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides for a $900 million senior secured revolving credit facility and a $250 million senior secured term loan.

The term loan requires scheduled principal payments of 5% of the outstanding principal in year one, 7.5% in year two and 10% in years three through five, payable in quarterly installments. The balance of the revolver and the term loan are due at maturity on April 26, 2021.

Revolving and term loan borrowings bear interest at Libor plus 75 basis points to 200 bps, depending on the leverage ratio. The revolver has a commitment fee of 15 bps to 25 bps, also depending on the leverage ratio. The initial interest rate is Libor plus 175 bps and the initial commitment fee is 25 bps.

Citizens Bank, NA, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., JPMorgan Chase Bank, NA and Wells Fargo Securities LLC acted as joint lead arrangers and bookrunners.

Citizens Bank of Pennsylvania is the administrative agent; Fifth Third Bank and Bank of America, NA are the co-documentation agents; and PNC Bank, NA, SunTrust Bank, JPMorgan and Wells Fargo Bank, NA are the syndication agents.

Proceeds will be used to repay existing debt, for permitted acquisitions and for working capital and general corporate purposes.

Matthews is a Pittsburgh-based designer, manufacturer and marketer of memorialization products and brand services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.