MKS Instruments Makes a Voluntary $75 Million Pre-Payment on its Term Loan

Date Announced: 31 Aug 2017

Parent of Newport, Spectra-Physics and Ophir brands repays another big chunk of loan used to fund the acquisition.

ANDOVER, Mass., Aug. 31, 2017 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (MKSI), a global provider of technologies that enable advanced processes and improve productivity, today made a $75 million voluntary principal pre-payment on its term loan. This pre-payment is in addition to a voluntary principal pre-payment of $50 million made on July 11, 2017, and reduces the outstanding principal amount of the term loan to $448 million as of August 31, 2017, down from $780 million at origination.

"In just over a year since loan origination, we have now made six voluntary pre-payments totaling $325 million, and coupled with the scheduled payments and three re-pricings, we have reduced our annualized non-GAAP interest expense by over 55%, demonstrating our continued focus on deleveraging our balance sheet and reducing our cost of capital," said Seth H. Bagshaw, Senior Vice President and Chief Financial Officer.

Source: MKS Instruments

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