Sterigenics sets Thursday launch for $565 million credit facility

By Sara Rosenberg

New York, July 15 – Sterigenics International LLC (STHI Holding Corp.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch its $565 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets LLC and UBS Securities LLC are the lead banks on the deal.

The facility consists of a $75 million revolver and a $490 million seven-year first-lien covenant-light term loan, the source said.

Price talk on the term loan is Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99½, the source continued.

The term loan has 101 soft call protection for six months.

Commitments are due on July 31, the source added.

Proceeds will be used to help fund the acquisition of Nordion Inc. for $13.00 per share.

Closing is expected in the second half of this year, subject to Nordion shareholder approval, receipt of regulatory approvals and other customary conditions.

Sterigenics is a Deerfield, Ill.-based sterilization services company. Nordion is an Ottawa-based health science company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.