Health & Fitness
Health and Fitness
Health and Fitness
Thu, June 30, 2011
Wed, June 29, 2011 
CLARENCE, N.Y.--([ BUSINESS WIRE ])--Greatbatch, Inc. (NYSE: GB), today announced that it has amended its revolving credit facility, which was set to expire in May of 2012. The new credit facility extends the maturity date to June of 2016 and increases the amount of credit available to $400 million from the $235 million under the old credit facility. Additionally, the amended terms allow for the repayment of the Companya™s $198 million of 2% Convertible Subordinated Debentures due in June 2013 as well as other corporate investments.
"We are pleased that we were able to secure this new credit facility well in advance of the expiration date of our previous credit facility and believe the terms are favorable given current market conditions"
aWe are pleased that we were able to secure this new credit facility well in advance of the expiration date of our previous credit facility and believe the terms are favorable given current market conditions,a stated Thomas J. Mazza, Senior Vice President & CFO. aAdditionally, this new credit facility provides our Company with the financial flexibility and capacity to support our growth objectives over the next five years.a
The Company currently expects that this new credit facility will add approximately $0.5 million to $1.0 million of additional interest expense in 2011. Further details on the terms of the new credit agreement are provided in the Form 8k that was filed by the Company earlier today.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE: GB) provides top-quality technologies to industries that depend on reliable, long-lasting performance through its brands Greatbatch Medical, Electrochem and QiG Group. Greatbatch Medical develops and manufactures critical medical device technologies for the cardiac, neurology, vascular and orthopaedic markets. Electrochem designs and manufactures battery and wireless sensing technologies for high-end niche applications in the energy, military, portable medical, and other markets. The QiG Group empowers the design and development of new medical devices for the Companya™s core markets. Additional information about the Company is available at [ www.greatbatch.com ].
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and reflect the Company's judgment as of the date of this release. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ from predicted results. These risks and uncertainties include market conditions and other factors beyond the Company's control and the economic, competitive, governmental, technological and other factors identified under the heading aRisk Factorsa included in item 1A of Greatbatcha™s Annual Report on Form 10-K for the year ended December 31, 2010 and information contained in subsequent filings with the Securities and Exchange Commission. These forward-looking statements are made only as the date thereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
