HARMAN Closes New Senior Unsecured Credit Facility
March 26 2015 - 4:00PM
Business Wire
HARMAN International Industries, Incorporated (NYSE:HAR), the
premier audio, visual, infotainment and enterprise automation
group, today announced the closing of a five-year senior unsecured
credit facility that will provide the Company with $1.2 billion in
liquidity, a 14 percent increase over its previous $1.05 billion
credit facility.
The new facility is comprised of a $1.2 billion revolving line
of credit. At closing, the Company drew down under the new
revolving line of credit to refinance its outstanding term loan and
outstanding debt balances, including debt for several recently
announced acquisitions, under its previous credit facility.
“We are pleased to enter into this new credit agreement, which
will enhance our liquidity and support the expansion of our
business as we grow our capabilities and technology pipeline,” said
Dinesh Paliwal, Chairman, President, and CEO of HARMAN. “A portion
will support the financing of the acquisitions of Symphony Teleca
and Redbend, which will further position HARMAN for success in the
software and services businesses.”
The Company’s bank group was led by JP Morgan.
About HARMAN
HARMAN (www.harman.com) designs, manufactures and markets
premier audio, visual, infotainment and enterprise automation
solutions for the automotive, consumer and professional markets.
With leading brands including AKG®, Harman Kardon®, Infinity®,
JBL®, Lexicon® , Mark Levinson ® and Revel®, the Company is admired
by audiophiles, musicians and the entertainment venues where they
perform. More than 25 million automobiles on the road today are
equipped with HARMAN audio and infotainment systems. HARMAN has a
workforce of approximately 17,600 people across the Americas,
Europe, and Asia and reported sales of $5.9 billion during the last
12 months ended December 31, 2014. The Company’s shares are traded
on the New York Stock Exchange under the symbol NYSE:HAR.
HAR-C
© 2015 HARMAN International Industries, Incorporated. All rights
reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson
are trademarks of HARMAN International Industries, Incorporated,
registered in the United States and/or other countries. AKG is a
trademark of AKG Acoustics GmbH, registered in the United States
and/or other countries.
HARMANDarrin Shewchuk, +1 203-328-3834Director, Corporate
Communicationsdarrin.shewchuk@harman.com
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