Pulse Electronics is a leading electronic components partner that helps customers build the next great product by providing the needed technical solutions. Pulse Electronics has a long operating history of innovation in magnetics, antennas 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, PulseR and automotive industries.Pulse Electronics is a participating member of the IEEE, SFF, OIF, HDBaseT Alliance, CommNexus, NFC Forum, MoCA, and IWPC.
PULSE ELECTRONICS ANNOUNCES COMPREHENSIVE DEBT REFINANCING
Reduces Annual Interest Expense by $13 million and Extends Maturities through 2019Debt, Improves Capital Structure, and Lowers Interest Costs
SAN DIEGO – May 19, 2016 – Pulse 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 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 placement 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.´