MERIT MEDICAL SYSTEMS INC (MMSI): debt financing — Merit Medical enters new $850M senior secured credit agreement, extends maturity to 2028

MERIT MEDICAL SYSTEMS INC

New credit agreement includes $700M revolving facility and $150M term loan facility.
Borrowed approx. $242M under new facilities to repay existing debt; total indebtedness substantially unchanged.
Credit agreement matures June 6, 2028; extends debt maturities and enhances financial flexibility.
CFO states agreement supports growth initiatives and improving profitability and free cash flow.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MERIT MEDICAL SYSTEMS INC incurred credit facility of $150,000,000 term loan and $700,000,000 revolving credit facility with Wells Fargo Bank, National Association (Agent), Bank of America, N.A., HSBC Bank USA, National Association, U.S. Bank National Association, Truist Bank, TD Bank, Huntington Bank, Regions Bank at Base Rate plus Applicable Margin; Adjusted Term SOFR plus Applicable Margin; Adj maturing June 6, 2028.

Instrument: credit facility
Principal: $150,000,000 term loan and $700,000,000 revolving credit facility
Counterparty: Wells Fargo Bank, National Association (Agent), Bank of America, N.A., HSBC Bank USA, National Association, U.S. Bank National Association, Truist Bank, TD Bank, Huntington Bank, Regions Bank
Rate: Base Rate plus Applicable Margin; Adjusted Term SOFR plus Applicable Margin; Adj
Maturity: June 6, 2028
Event: incurrence

Exact text from the filing

to the Fourth Amended Credit Agreement as Lenders. Pursuant to the terms of the Fourth Amended Credit Agreement, the Lenders have agreed to make a term loan in the amount of $150,000,000 and revolving credit loans up to an aggregate amount of up to $700,000,000, inclusive of sub-facilities of up to $40,000,000 for multicurrency borrowings, up to $40,000,000 for

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MERIT MEDICAL SYSTEMS INC entered into Fourth Amended Credit Agreement with Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, National Association, U.S. Bank National Association, Truist Bank, TD Bank, Huntington Bank and Regions Bank valued at $150,000,000 term loan and revolving credit loans up to $700,000,000 (effective 2023-06-06).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, National Association, U.S. Bank National Association, Truist Bank, TD Bank, Huntington Bank and Regions Bank
Value: $150,000,000 term loan and revolving credit loans up to $700,000,000
Effective: 2023-06-06

Exact text from the filing

Merit entered into the Fourth Amended and Restated Credit Agreement on June 6, 2023 (the “Fourth Amended Credit Agreement”) with certain lenders identified therein

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Source: SEC EDGAR

accession 0000856982-23-000035

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