Trimble Signs Agreement for New $175M Bank Facility
Trimble [Nasdaq: TRMB], a Sunnyvale, Calif.-based GPS device maker, has secured a new $175 million secured credit facility with a syndicate of nine banks, arranged by Scotia Capital. The new facility consists of a three-year $125 million revolver and a four-year $50 million term loan. The syndication was substantially oversubscribed, and as a result of this strong market demand, the company was able to increase the facility from $150 million to $175M and close the syndication early.
Trimble will use the new credit facility to retire all outstanding debt on its existing credit facility and the outstanding principal and accrued interest related to its 10.4 percent subordinated note due in July 2004. The unused portion of the revolver can be used for general corporate purposes.