TORONTO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Celestica Inc. (NYSE: CLS) (TSX: CLS), a leader in design, manufacturing and supply chain solutions for the world’s most innovative companies, today announced that it has enhanced its current credit facility, including an expansion of its borrowing capacity with improved terms.
Celestica currently has an aggregate of $660.4 million of term loans outstanding, compared to $440.4 million outstanding as at September 30, 2021. The net increase in the term loans outstanding reflects the repayment of amounts borrowed under its revolving facility (Revolver) used to finance a portion of the purchase of PCI Private Limited.
The key amendments to the credit facility include: (i) the provision of a new term loan (Second Incremental Term Loan) in the original principal amount of $365.0 million, all of which was immediately drawn; (ii) an increase in the commitments under its Revolver from $450.0 million to $600.0 million and an extension of its maturity date; and (iii) the amendment of certain other provisions, including an increase to certain exception “basket” amounts under specified restrictive covenants.
Highlights of the Second Incremental Term Loan include:
The Initial Term Loan in the original principal amount of $350.0 million ($295.4 million outstanding) was unchanged by the amendment, and amounts currently outstanding thereunder mature in June 2025.
The Second Incremental Term Loan and increased Revolver were provided by a syndicate of lenders with Bank of America, N.A. acting as Administrative Agent. BofA Securities, Inc., Canadian Imperial Bank of Commerce, and The Bank of Nova Scotia acted as Joint Lead Arrangers and Joint Bookrunners (with BofA Securities, Inc. as “left side” Joint Lead Arranger). All dollar amounts are denominated in U.S. dollars.
About Celestica
Celestica enables the world's best brands. Through our recognized customer-centric approach, we partner with leading companies in Aerospace and Defense, Communications, Enterprise, HealthTech, Industrial, Capital Equipment, and Energy to deliver solutions for their most complex challenges. As a leader in design, manufacturing, hardware platform and supply chain solutions, Celestica brings global expertise and insight at every stage of product development - from the drawing board to full-scale production and after-market services. With talented teams across North America, Europe and Asia, we imagine, develop and deliver a better future with our customers.
For more information, visit www.celestica.com.
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Contacts: Celestica Communications (416) 448-2200 [email protected] Celestica Investor Relations (416) 448-2211 [email protected]