Lumenis establishes new financing arrangement with Bank Hapoalim
Israel’s Lumenis, developer of light devices has reached a new financing arrangement with Bank Hapoalim. The new arrangement extends its existing revolving credit agreement to December 31, 2003, increases the amount available on the revolver to $50 million until July 1, 2003, defers the loan amortization of $10 million principal payment due April 2003 and amends certain covenants in its loan agreements.
The company's existing revolving credit agreement of $35 million has been extended from April 30, 2003 to December 31, 2003. Total availability under the revolving credit agreement has been increased by $15 million to $50 million until July 1, 2003, effective December 31, 2002. The interest rate on the $15 million increase will be LIBOR plus three percent. The base rate on the revolver is LIBOR plus 2.25 percent. At December 31, 2002 approximately $38.9 million was outstanding under the revolver.
Under its term loan agreement, the $10 million semi-annual principal payment due April 2003 has been deferred. Of the deferred amount five million dollars will be paid in December 2003 and five million dollars in April 2004.
Lumenis develops, manufactures, and markets proprietary laser and intense pulsed light devices. Its systems are used in a variety of aesthetic, ophthalmic, surgical and dental applications, including, hair removal, non-invasive treatment of vascular lesions and pigmented lesions, acne, psoriasis, open angle glaucoma, secondary cataracts, age-related macular degeneration, ENT, gynecology, urinary lithotripsy, benign prostatic hyperplasia, neurosurgery and dentistry. — (menareport.com)
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