Integer Reduces Borrowing Costs and Increases Flexibility with New Senior Secured Credit Facilities

Integer Holdings Corporation (NYSE: ITGR), a leading medical device outsource manufacturer, today announced that as a result of its financial strength and favorable debt markets, the company has successfully raised $1 billion in Senior Secured Credit Facilities (“New Facilities”) to refinance its existing debt (the “Transaction”). The New Facilities consist of a five-year $400 million Revolving Credit Facility, a five-year $250 million Term Loan A and a seven-year $350 million Term Loan B. The Transaction reduces overall borrowing costs, extends tenor, resets financial covenants to enhance operating flexibility, and increases liquidity through a higher level of revolver capacity.

New Facilities highlights:

• This debt refinancing is expected to improve Integer’s future annualized diluted earnings per share by approximately $0.15, based on today’s outstanding debt and current interest rates
• Nearest debt maturity extended by four years from 2022 to 2026
• Improved key credit documentation terms that provide flexibility for ongoing operating and strategic initiatives
• Liquidity (cash + revolver availability) increased by approximately $120 million
• In conjunction with this transaction, both Moody’s & S&P have upgraded Integer’s corporate family and senior secured ratings to Ba3/BB- (each with stable outlooks)

“Our new credit facilities are consistent with the execution of our disciplined capital structure strategy,” said Jason Garland, Integer’s executive vice president and chief financial officer. “We were able to lower our borrowing cost and create incremental flexibility to invest in Integer’s growth plans. As we invest, our target to maintain net total debt to adjusted EBITDA leverage in the range of 2.5 to 3.5 times remains unchanged. We appreciate the strong support of our lenders in completing these new facilities.”

Wells Fargo Bank, National Association is acting as Administrative Agent, Swingline Lender and Issuing Lender. Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Bank, National Association, Keybanc Capital Markets, Inc., Citigroup Global Markets Inc. and Santander Bank, N.A. acted as Joint Lead Arrangers and Joint Bookrunners.

Additional information regarding the terms of the New Facilities can be found on our Form 8-K filed with the Securities and Exchange Commission today.

About Integer®

Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, vascular, portable medical, advanced surgical and orthopedics markets. The company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in energy, military, and environmental markets. Greatbatch Medical®, Lake Region Medical® and Electrochem® comprise the company’s brands. Additional information is available at www.integer.net.

Investor Relations

Tony Borowicz
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Kelly Butler
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