Boston Scientific Corp. entered a $700 million credit agreement with certain lenders.
The agreement provides for a $700 million 364-day term loan that will mature Dec. 3, 2020, at the London interbank offered rate plus a margin of 0.65%.
The Marlborough, Mass.-based medical device maker said in an SEC filing the loan will be used to repay the remaining amounts outstanding under an earlier $2 billion credit agreement, among other things.
Boston Scientific is required to maintain a maximum leverage ratio of 3.75x, among other things as part of the new credit arrangement.
Wells Fargo Bank NA is the syndication agent, while Bank of Nova Scotia and Wells Fargo Securities LLC are joint lead arrangers and joint book runners. Bank of Nova Scotia is also serving as administrative agent.