Teledyne entered into a second amendment to its credit agreement dated March 1, 2013, under which up to $385 million of the aggregate amount was made available by the lenders to fund the cash consideration payable by Teledyne pursuant to Teledyne’s acquisition of e2v on a “certain funds” basis.
Bank of America served as administrative agent, swing line lender and L/C issuer.
On December 12, 2016, the boards of Teledyne and e2v technologies reached agreement on the terms of a recommended cash offer by Teledyne for the entire issued and to be issued ordinary share capital of e2v.
The second amendment constitutes a “qualifying amendment” under the terms of the £625 million ($770 million) bridge facility dated December 11, 2016 with Bank of America which was entered into when the acquisition was announced.
As a result, £280 million ($245 million) of the original £625 million ($770 million) of aggregate commitments made available pursuant to the bridge facility were terminated.
In connection with the second amendment and the bridge facility reduction, Teledyne represented to its financial advisor, Citigroup Global Markets, that an amount of at least $410 million will remain undrawn under the credit agreement except to fund the consideration for the acquisition and related transaction costs.