ALBANY, N.Y., Sept. 24, 2013 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today announced it amended its existing credit facilities and successfully refinanced its long-term debt. This new lending facility will improve AngioDynamics' capital structure and provide greater flexibility to support the execution of its growth strategy. The new debt facility will reduce the Company's interest rate on its credit facility by up to 75 basis points and improve its cash flow while extending the maturity of the debt.
"We are always exploring ways to reduce costs in this economic environment, and we saw an opportunity to take advantage of favorable debt market conditions," commented Mark Frost, Executive Vice President and Chief Financial Officer. "This refinance will reduce our interest expense by over $1 million per year and improve our future cash flow. We appreciate the support of our corporate lenders in this transaction."
Under the terms of the new credit facility, AngioDynamics entered into a loan agreement with JPMorgan Chase, the lead bank in the transaction, along with co-arrangers Bank of America and Key Bank. The facility includes two components, a $100 million Term Loan and a $100 million revolving line of credit. The Company will retire all existing loans with the new debt facilities.
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, angioplasty products, drainage products, thrombolytic products and venous products. More information is available at www.AngioDynamics.com.
AngioDynamics and the AngioDynamics logo are trademarks and/or registered trademarks of AngioDynamics Inc., an affiliate or a subsidiary.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ from AngioDynamics' expectations. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions, the results of on-going litigation, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to integrate purchased businesses, including Navilyst Medical and its products, R&D capabilities, infrastructure and employees as well as the risk factors listed from time to time in AngioDynamics' SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2013. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
CONTACT: Company Contact: AngioDynamics, Inc. Mark Frost, CFO (800) 772-6446 x1981 mfrost@AngioDynamics.com Investor Relations Contacts: EVC Group, Inc. Michael Polyviou/Robert Jones (212) 850-6020; (646) 201-5447 firstname.lastname@example.org; email@example.com Media Contact: EVC Group, Inc. John Carter (212) 850-6021 firstname.lastname@example.orgSource:AngioDynamics