-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueSupply Chain Strategies
A successful brand is built on strong customer relationships—anchored by a well-orchestrated supply chain at its core. This month, we look at how managing your supply chain directly influences customer perception.
What's Your Sweet Spot?
Are you in a niche that’s growing or shrinking? Is it time to reassess and refocus? We spotlight companies thriving by redefining or reinforcing their niche. What are their insights?
Moving Forward With Confidence
In this issue, we focus on sales and quoting, workforce training, new IPC leadership in the U.S. and Canada, the effects of tariffs, CFX standards, and much more—all designed to provide perspective as you move through the cloud bank of today's shifting economic market.
- Articles
- Columns
- Links
- Media kit
||| MENU - smt007 Magazine
Celestica Announces Enhancements to Current Credit Facility
December 7, 2021 | Celestica Inc.Estimated reading time: 2 minutes
Celestica Inc., a leader in design, manufacturing and supply chain solutions for the world’s most innovative companies, announced that it has enhanced its current credit facility, including an expansion of its borrowing capacity with improved terms.
Celestica currently has an aggregate of $660.4 million of term loans outstanding, compared to $440.4 million outstanding as at September 30, 2021. The net increase in the term loans outstanding reflects the repayment of amounts borrowed under its revolving facility (Revolver) used to finance a portion of the purchase of PCI Private Limited.
The key amendments to the credit facility include: (i) the provision of a new term loan (Second Incremental Term Loan) in the original principal amount of $365.0 million, all of which was immediately drawn; (ii) an increase in the commitments under its Revolver from $450.0 million to $600.0 million and an extension of its maturity date; and (iii) the amendment of certain other provisions, including an increase to certain exception “basket” amounts under specified restrictive covenants.
Highlights of the Second Incremental Term Loan include:
- The net proceeds from the Second Incremental Term Loan were used to repay all remaining amounts outstanding under the Company’s November 2018 term loan in the original principal amount of $250.0 million ($145.0 million outstanding), terminating such loan, as well as $215.0 million of the $220.0 million borrowed under the Revolver to finance a portion of the purchase price of its November 2021 acquisition of PCI Private Limited.
- The Second Incremental Term Loan and the Revolver each mature in March of 2025, unless either: (i) the Company’s June 2018 term loan (Initial Term Loan) has been prepaid or refinanced; or (ii) commitments under the Revolver are available and have been reserved to repay the Initial Term Loan in full, in which case such obligations mature in December of 2026.
- The Second Incremental Term Loan currently bears interest at LIBOR plus 2.00%, and is subject to quarterly principal repayments of $4,562,500. The amended credit facility also includes specified LIBOR successor provisions.
The Initial Term Loan in the original principal amount of $350.0 million ($295.4 million outstanding) was unchanged by the amendment, and amounts currently outstanding thereunder mature in June 2025.
The Second Incremental Term Loan and increased Revolver were provided by a syndicate of lenders with Bank of America, N.A. acting as Administrative Agent. BofA Securities, Inc., Canadian Imperial Bank of Commerce, and The Bank of Nova Scotia acted as Joint Lead Arrangers and Joint Bookrunners (with BofA Securities, Inc. as “left side” Joint Lead Arranger). All dollar amounts are denominated in U.S. dollars.
Testimonial
"Our marketing partnership with I-Connect007 is already delivering. Just a day after our press release went live, we received a direct inquiry about our updated products!"
Rachael Temple - AlltematedSuggested Items
Ecolab to Acquire Ovivo’s Electronics Ultra-Pure Water Business
08/15/2025 | EcolabEcolab Inc. has entered into a definitive agreement to acquire Ovivo’s Electronics business, a leading and fast-growing global provider of breakthrough ultra-pure water technologies for semiconductor manufacturing.
Eltek Ltd. Reports Strong Second-Quarter 2025 Results
08/14/2025 | PR NewswireEltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended June 30, 2025.
Magnachip Semiconductor Announces YJ Kim to Step Down as CEO; Current Board Chairman Camillo Martino Appointed Interim CEO
08/14/2025 | PR NewswireMagnachip Semiconductor Corporation today announced that YJ Kim has agreed to step down as CEO and as a member of the Board of Directors, effective immediately. Camillo Martino, Chairman of the Board of Directors, has also been appointed Interim Chief Executive Officer, effective immediately.
Amidst U.S. Strategy Shift, Foxconn Sells Lordstown, Ohio Plant for $88 Million
08/07/2025 | I-Connect007 Editorial TeamAs part of a strategic shift in its US operations, Taiwan-based Foxconn (Hon Hai Precision Industry’s) subsidiaries are selling off assets at its Lordstown, Ohio, facility, the company announced on Aug. 4.
Element Solutions Inc Reports Strong Growth in Second Quarter 2025 Financial Results
08/01/2025 | Element Solutions Inc.Element Solutions Inc, a global and diversified specialty chemicals company, today announced its financial results for the three and six months ended June 30, 2025.