- increased borrowing under the Euro-denominated tranche of the Term Loan Facility (the "Euro Tranche") by
150 million Euros to 315 million Euros;
- re-priced the Euro Tranche from EURIBOR plus 2.50% to EURIBOR plus 2.00%, with a 0.75% floor, and re-priced the U.S. dollar denominated tranche of the Term Loan Facility from LIBOR plus 3.00% to LIBOR plus 2.50%, with a 1.00% floor; and
- extended the maturity date of the Term Loan Facility from
January 6, 2022to March 8, 2025.
Proceeds from the additional borrowings under the Euro Tranche, plus available cash on hand, were used prepay
"The success of this most recent refinancing reflects the ongoing optimization of our capital structure and credit profile. The refinancing represents annualized cash interest savings of approximately
FORWARD LOOKING STATEMENTS
Some of the statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release includes forward-looking statements that reflect our plans, beliefs, expectations, and current views with respect to, among other things, future events and financial performance. Forward-looking statements are characterized by the use of words such as "expects," "intends," "plans," or "anticipates".
All forward-looking statements in this press release, including statements regarding anticipated benefits from the refinancing of the Term Loan Facility and the expectations for year end 2018 leverage are made based on management's current expectations and estimates, which involve known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements. These risks and uncertainties are more fully described in our latest Annual Report on Form 10-K, including but not limited to "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" therein, and in our other filings with the
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