Financings in Brief: Cooper Companies
This article was originally published in The Gray Sheet
Cooper Companies: Inks a "commitment letter" for a $50 mil. five-year senior secured revolving credit facility through Key Bank National Association. Proceeds will be used to repay existing debt of approximately $44 mil. with interest rates of 8.5% to 12%. The new facility interest rate would range from 0.5% to 2.25% over the London Interbank Offer Rate (LIBOR) "depending upon certain financial ratios," Cooper says. Savings from reduced interest is estimated to be about $1.2 mil. a year...
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