MKS Makes Voluntary Prepayment on its Term Loan

MKS Instruments, a provider of technologies, said pre-market Tuesday it has made a $50 million voluntary principal prepayment on its term loan.

This prepayment is in addition to a scheduled principal payment of $1.6 million, and cuts the outstanding principal amount of the term loan to $523 million as of July 11, 2017, down from $780 million at origination. “In just over a year since loan origination, we have made five voluntary prepayments totaling $250 million and coupled with the scheduled payments and 3 repricings, we have reduced our annualized non-GAAP interest expense by 50%,” CFO Seth Bagshaw said in a statement. He added that this demonstrates “our continued focus on deleveraging our balance sheet and reducing our cost of capital.”

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