Integra LifeSciences Holdings, a medical technology company, increased its credit facility with its bank group led by Bank of America. The changes include an increase in the credit facility from $1.1 billion to $1.5 billion, consisting of a $1 billion revolving line of credit and a term loan of $500 million.
It also includes an option to increase the aggregate size of the facility by at least $250 million with additional commitments. The credit facility also includes no change in pricing terms or commitment fees to the existing facility; and maturity of the credit facility is extended to Dec. 7, 2021.
Integra plans to use a portion of the term loan to repay the outstanding indebtedness under the existing credit facility and cover fees and expenses incurred in connection with the new credit facility. Borrowings from the new revolving facility will be used to refinance the convertible notes that are due Dec. 15.
Integra said it does not expect this increase in credit facility to have a material impact on 2016 financial performance.