Cordis launches $350 million term loan B at Libor plus 450-475 bps

By Sara Rosenberg

New York, April 29 – Cordis (Bayou Intermediate II LLC) launched on Thursday its $350 million seven-year covenant-lite first-lien term loan B (B2/B-/BB+) with price talk of Libor plus 450 basis points to 475 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

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

Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC and Golub Capital are the bookrunners on the deal. Deutsche is the administrative agent.

Commitments are due at 5 p.m. ET on May 12.

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman from Cardinal Health for about $1 billion.

Closing is expected in Cardinal Health’s fiscal year 2022, subject to customary conditions and regulatory clearances.

Cordis is a developer and manufacturer of interventional vascular technology.

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