HAMPTON, VA /GLOBE NEWSWIRE/ -- Measurement Specialties Inc., a designer and manufacturer of sensors and sensor-based systems, announced that on February 1, 2013 it entered into Amendment No. 4 to Credit Agreement (the credit agreement amendment) among the company, the financial institutions party thereto (the bank group) and JPMorgan Chase Bank, N.A., as administrative agent, to amend the company's senior secured credit facility under that certain Credit Agreement dated as of June 1, 2010, among the company, the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent.
The credit agreement amendment increased the aggregate commitments to $185 million from $110 million, providing the Company with $75 million of increased borrowing availability to support Company growth, reset the accordion feature to $75 million for future expansion, and added PNC Bank to the bank group.
On February 1, 2013, the company entered into a Fourth Amendment to Note Purchase Agreement (the Prudential amendment) among The Prudential Insurance Company of America, other note holders party thereto, the company, and certain subsidiaries of the company party thereto to amend that certain Note Purchase and Private Shelf Agreement dated June 1, 2010, among the company, Prudential, and the other note holders party thereto (the Note Purchase Agreement). The Prudential amendment amended the Note Purchase Agreement to provide conformity with the Credit Agreement Amendment since the Note Purchase Agreement is on a pari passu (equal force) basis with the Senior Secured Facility.
Mark Thomson, Company CFO, commented, "This amendment gives the company additional capacity and flexibility to support future acquisitions and other value-creating investments."
About Measurement Specialties
Measurement Specialties Inc. designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity, and photo optics. MEAS uses multiple advanced technologies—including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits, micro-electromechanical systems, piezoelectric polymers and strain gauges—to engineer sensors that operate precisely and cost effectively.