MKSI - MKS Instruments Completes Repricing of Secured Term Loan B | Benzinga
ANDOVER, Mass., Oct. 03, 2023 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (NASDAQ:MKSI), a global provider of enabling technologies that transform our world, announced today that it successfully completed the repricing of its existing $3.6 billion secured tranche B term loan. The lenders have agreed to an amendment that results in a reduction of the interest rate for the tranche B term loans from SOFR plus a credit spread adjustment plus 275 basis points to SOFR plus 250 basis points. The repricing eliminated the credit spread adjustment applicable to SOFR borrowings of the tranche B term loans which previously added 10 basis points, 15 basis points, and 25 basis points to one-month, three-month and six-month interest periods, respectively.
Based on the current interest rate, the annualized non-GAAP interest expense savings from this repricing is $10.7 million.
"We are pleased with the market demand for our Term Loan B, and today's actions are consistent with our long-standing track record of actively optimizing our capital structure, including reducing our interest expense through repricing," said Seth H. Bagshaw, Executive Vice President ...