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Haemonetics enters $700M credit agreement to repay debt

Haemonetics Corp. said June 18 that it secured a $350 million senior unsecured term loan A and a $350 million senior unsecured revolving credit facility.

Both term loans under the $700 million credit agreement are due 2023 and will bear an initial annual interest rate of London Interbank Offered Rate plus 1.25%. The rate may change based on the company's leverage ratio; the same applies to the 0.175% annual unused fee.

The Braintree, Mass.-based provider of hematology products and solutions said initial proceeds will be used to repay its $254 million senior unsecured term loan A due June 2019.

JPMorgan Chase Bank NA, Citibank NA and Citizens Bank NA are acting as co-lead arrangers and co-book runners for the loans, leading a syndicate that includes five other banks.