Zebra Technologies Corporation (NASDAQ: ZBRA) has repriced its USD1.96 billion term loan, reducing the interest rate by 75 basis points to LIBOR plus 3.25 percent LIBOR, the company said.
The repricing is expected to generate annualized interest expense net savings of approximately USD14 million based on the current principal balance outstanding. As previously communicated, the company expects to continue to reduce the principal balance prior to the October 27, 2021 maturity date. The company will incur approximately USD6.0 million of debt issuance and discount costs related to the repricing.
Zebra Technologies provides solutions and services that give enterprises real-time visibility into their operations.