AngioDynamics announced that it has entered into a new credit facility and repaid and terminated its existing credit facilities. The new credit facility will further strengthen AngioDynamics’ capital structure and provide greater flexibility to make investments that support its growth strategy. In addition, AngioDynamics today announced that its Board of Directors has authorized a repurchase of up to $25 million of the Company’s common stock.
“This new credit facility will provide greater flexibility for our business moving forward and improve our capital structure,” said Michael Greiner, Chief Financial Officer. “We are confident that this facility will allow us to execute our strategic initiatives and capitalize on growth opportunities as they emerge.”
Under the terms of the new credit facility, AngioDynamics entered into a credit agreement with JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and KeyBank National Association, which served as Joint Bookrunners and Joint Lead Arrangers. JPMorgan Chase Bank, N.A. will also serve as Administrative Agent on the new credit facilities. The facilities include a $100 million Term Loan A (TLA) and a $150 million Revolving Credit Facility (RCF). The Company will retire all existing loans and terminate all existing commitments under its existing credit facilities with the proceeds of the new facilities.
Under the newly authorized repurchase program, purchases of shares of common stock may be made through open market purchases or in privately negotiated transactions in compliance with applicable federal securities laws.
Greiner continued, “The authorization of a share repurchase program underscores our confidence in the strength of our business, and will be supported by our solid cash position and continued free cash flow generation. This program will permit us to opportunistically repurchase additional shares at attractive valuations while also remaining focused on driving long-term shareholder value.”
AngioDynamics Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics' diverse product lines include market-leading ablation systems, fluid management systems, vascular access products, angiographic products and accessories, drainage products, thrombolytic products and venous products.