MKS Instruments (MKSI) completed the repricing of its $2.5B and EUR 0.6B secured tranche B term loans maturing in 2029. The repricing results in a reduction of the interest rate for the USD tranche B term loans from SOFR plus a margin of 225 basis points to SOFR plus 200 basis points and EUR tranche B term loans from EURIBOR plus a margin of 275 basis points to EURIBOR plus 250 basis points.In addition, concurrently with the repricing, MKS made a voluntary prepayment of $100M on its USD tranche B term loans, reducing the principal amount of USD tranche B term loans from $2.6B to $2.5B. Based on the current interest rates, the annualized cash interest savings from the combined actions is approximately $15M.
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