Avigilon makes some changes to its $240m facility
VANCOUVER, British Columbia—Video surveillance and access control provider Avigilon on July 18 filed documents to amend its existing $240 million multi-tranche senior secured syndicated credit facility. Security Systems News has previously reported on this credit facility. Originally closed on April 7, 2015, the facility's maturity date has been extended from April 7, 2018 to April 7, 2019.
I spoke to Avigilon's Darren Seed about the deal. Among the changes is one item which ups the price of a "permitted acquisition" from $30 million in the old deal, to $40 million in the new deal. Is Avigilon poised to buy a start-up for $31 million?
Seed said one shouldn't read anything into the small changes in the deal. He characterized this amendment and others as simple housekeeping. The extension was made at a very nice rate, he said, it made good business sense for Avigilon to take advantage of the terms offered.
Avigilon designs, develops, and manufactures video analytics, network video management software and hardware, surveillance cameras, and access control solutions.