TMCnet News
Pulse Electronics Announces Comprehensive Debt RefinancingPulse Electronics Corporation, a leading provider of electronic components, today announced that it has completed a refinancing of $80 million of its outstanding Term Loan facilities held by affiliates of investment funds managed by Oaktree Capital Management, L.P. ("Oaktree"). In connection with the refinancing, Pulse (News - Alert) will enter into a new, $80 million Term Loan facility with Oaktree. The interest rate on the new Term Loan facility will be 5.0%, with a maturity of November 2019. Together with Pulse's previously announced lacement of $70 million of preferred stock to repay debt, Pulse has reduced debt by $70 million and reduced annual interest expense by over $13 million. "We are pleased to accomplish this debt refinancing with Oaktree, which substantially improves our capital structure, reduces our interest expense and extends the maturity horizon for the majority of our debt," said Pulse Chief Executive Officer Mark Twaalfhoven. "These transactions provide Pulse with significant financial and operating flexibility to serve our customers and fuel our growth." About Pulse Electronics Pulse Electronics is a leading provider of electronic components that help customers build great products by providing the needed technical solutions. Pulse Electronics, including the Larsen brand of antennas, has a long operating history of innovation in antennas, magnetics and connectors, as well as the ability to ramp quickly into high-quality, high-volume production. The Company serves the wireless and wireline communications, power management, military/aerospace, and automotive industries. Pulse Electronics is a participating member of the IEEE, SFF, OIF, HDBaseT Alliance, CommNexus, NFC Forum (News - Alert), MoCA, and IWPC. Visit the Pulse Electronics website at www.pulseelectronics.com.
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