Currently outstanding Securities at CEVA Logistics are:
(i) US$475 million Senior Term Loan B Facility
On 22 February 2019, a new term loan B facility was agreed and priced, to raise US$475 million with a margin of 5.00% and with 3% of original issue discount. On 24 April 2019, CEVA repaid the outstanding principal balance of its existing term loan B in the amount of US$473 million and issued the new term loan B in the amount of US$475 million maturing 3 August 2025. Repayments for term loan B are 0.25% of the original principal balance payable on the last day of the quarter commencing with the quarter ended 30 September 2019.
(ii) EUR 297 million Senior Bridge Facility
On 5 July 2019 CEVA entered into a Bridge Facility provided by three banks, which was subsequently drawn on 9 July 2019 to fund the Tender Offer of the 5.25% Senior Notes. It carries an initial margin of 4.25% and the initial maturity is 12 months. In the event that the Bridge Facility is not refinanced within 12 months, the borrowing will be converted into term loans with a maturity no earlier than 3 August 2025. This loan is classified as long term as the management currently intends to use the automatic extension embedded in the contract which extends the maturity to 3 August 2025.