Teleflex Secures $2.2B Credit Facility Led by JPMorgan
Teleflex Secures $2.2B Credit Facility Led by JPMorgan
Teleflex entered into a new secured credit agreement to refinance its existing debt and enhance liquidity. The $2.2 billion package is led by JPMorgan Chase Bank as administrative agent.
Credit Package Details
The facility includes a $1.0 billion revolving credit line, a $500 million Term A-1 loan maturing May 26, 2031, and a $700 million Term A-2 loan maturing May 26, 2028. Borrowings bear interest at Term SOFR plus 1.125%–2.00% or an alternate base rate plus 0.125%–1.00%.
Financial Covenants
The agreement includes a maximum total net leverage ratio of 4.50x and a minimum interest coverage ratio of 3.00x. The facilities are guaranteed by material domestic subsidiaries and secured by substantially all assets.
Participating Banks
The syndicate includes JPMorgan, Bank of America, PNC Bank, HSBC Securities (USA), Wells Fargo Bank, and Sumitomo Mitsui Banking Corporation.
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