Cooper enters $2.3 billion five-year multicurrency revolver

By Wendy Van Sickle

Columbus, Ohio, May 1 – Cooper Cos., Inc. entered into a $2.3 billion five-year revolving credit agreement on May 1 with CooperVision International Ltd. as an additional borrower and PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

There is a $1 billion sublimit for borrowings in currencies other than U.S. dollars.

Cooper may request to increase the revolver in an amount up to the greater of $1.15 billion and 100% of consolidated EBITDA.

Borrowings bear interest at SOFR plus a margin that is initially 112.5 basis points and may range based on the company’s non-credit enhanced, senior unsecured long-term debt rating.

There is a commitment fee on unused portions of the revolver ranging from 10 bps to 20 bps, based on either the company’s debt rating or its ratio of consolidated debt to consolidated EBITDA.

The company repaid all borrowings under its 2020 credit agreement using proceeds of the new revolver.

PNC Capital Markets LLC, Citizens Bank, NA, DNB Markets, Inc., KeyBanc Capital Markets Inc., Mizuho Bank Ltd., TD Securities (USA) LLC, Bank of America, NA, BBVA Securities Inc., Citibank, NA, Manufacturers and Traders Trust Co. and Bank of Nova Scotia are the joint bookrunners and lead arrangers.

Citizens, DNB, Keybank, NA, Mizuho and TD Bank, NA are the syndication agents.

Bank of America, NA, Banco Bilbao Vizcaya Argentaria, SA New York Branch, Citibank, NA, Manufacturers and Traders and Bank of Nova Scotia are the documentation agents.

Cooper is a global medical device company based in San Ramon, Calif.

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