STAMFORD, CT – 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.
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.