Smart Technologies completes $175 million credit facility

By Sara Rosenberg

New York, July 31 - Smart Technologies ULC closed on its $175 million credit facility that includes a $125 million 41/2-year senior secured covenant-light term loan (BB-) and a $50 million four-year asset-based revolver, according to a news release.

Pricing on the term loan is Libor plus 925 basis points with a 1.25% Libor floor, and pricing on the revolver is Libor plus 250 bps.

Morgan Stanley Senior Funding Inc. was the sole lead arranger on the deal and a joint lead arranger on the revolver with BofA Merrill Lynch.

Proceeds were used to refinance existing debt.

Smart Technologies is a Calgary, Alta.-based provider of technology solutions.

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