November 9, 2011 – GlobeNewswire via COMTEX — Measurement Specialties Inc. (NASDAQ:MEAS), sensor designer and manufacturer, entered into an amendment to its senior secured credit facility dated June 1, 2010, among JPMorgan Chase Bank N.A., as administrative agent and collateral agent, and certain other parties including Bank of America N.A., HSBC Bank USA N.A., Branch Banking & Trust Company and Credit Industriel et Commercial.
Details:
The Credit Agreement Amendment provides MEAS with improved pricing and additional flexibility under its minimum fixed charge ratio covenant, extended the term to 5 years from the Amendment Date, and increased the accordion expansion feature from $50 million to $75 million. MEAS’ applicable margins for the variable interest rates under the Eurocurrency or London Inter-Bank Offered Rate (LIBOR) borrowings were reduced to levels ranging from 125 to 200 basis points from levels ranging from 200 to 325 basis points. The Company’s applicable margins for the variable interest rates under the prime or ABR borrowings were reduced to levels ranging from 25 to 100 basis points from levels ranging from 100 to 225 basis points. The commitment fees on the unused balances were reduced to a range of 0.30% to 0.375% from a range of 0.375% to 0.50%. Additionally, the minimum fixed charge coverage ratio will exclude capital expenditures related to the new facilities being constructed in China and France.
On November 8, 2011, Measurement Specialties also entered into an amendment (the Prudential Amendment) to its note purchase and private shelf agreement with Prudential Investment Management, Inc. and certain other note-holders party thereto, conforming certain definitions and changes made in the Credit Agreement Amendment.
Measurement Specialties Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies — including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezoelectric polymers and strain gauges — to engineer sensors that operate precisely and cost effectively.