LINCOLNSHIRE — Zebra Technologies Corp. announced actions to refinance its debt and increase its liquidity. The company has entered into a $3.25 billion secured credit facility that matures in May 2027, Zebra said.
This new credit and loan includes a $1.75 billion term loan and a $1.5 billion revolving credit facility with a $50 million payment to Zebra on the closing date earlier this week. At the same time, the company canceled its $875 million term loan and $1 billion revolving facility, which had due dates in August 2024.
Proceeds from the new term loan are also expected to fund the pending $875 million acquisition of Matrox Imaging, the company said.
“We have significantly increased our available borrowing capacity to optimize our capital structure and align with our growing business. Our new credit facility gives us great flexibility for organic and inorganic investments in our business, as well as for share buybacks through our recently announced $1 billion board approval,” said Chief Financial Officer Nathan Winters.