X-Rite Announces Refinancing of Outstanding Indebtedness and Payoff of Mandatorily Redeemable Preferred Shares

X-Rite, Incorporated XRIT today announced that the Company has entered into a new $225 million Senior Secured Credit Facility with Bank of America, Fifth Third Bank, and GE Capital Corporation as co-lead and syndication agents. This facility provides for a revolving credit facility in an aggregate principal amount of $55 million and a term loan in the aggregate principal amount of $170 million. The new credit facility will refinance the Company's existing indebtedness under the 2007 Senior Secured Credit Facilities. In addition, the Company will use approximately $49.4 million of proceeds under the credit facility to redeem all of its outstanding Series A Preferred Stock as part of a plan to substantially reduce its overall cost of capital.