UDG to launch $2.41 billion equivalent U.S., euro term loans Monday

By Sara Rosenberg

New York, July 23 – UDG Healthcare/Huntsworth is scheduled to hold a lender presentation at 9 a.m. ET on Monday to launch a $1.94 billion seven-year first-lien term loan B and a $470 million euro equivalent seven-year first-lien term loan B, according to a market source.

The company’s credit facilities also include a $400 million five-year revolver and a £330 million pre-placed eight-year second-lien term loan, the source said.

JPMorgan Chase Bank and Citigroup Global Markets Inc. are the physical bookrunners on the deal, with JPMorgan the left lead on the U.S. loan and Citigroup the left lead on the euro loan. Deutsche Bank is a lead bookrunner. Bank of Ireland, Barclays, HSBC, ING, Jefferies LLC and RBC Capital Markets are bookrunners. JPMorgan is the administrative agent.

Commitments are due at noon ET on Aug. 5, the source added.

Proceeds will be used to help fund the buyout of Dublin-based UDG by Clayton, Dubilier & Rice for £10.80 per share and combination with London-based Huntsworth, an existing CD&R portfolio company, to refinance certain existing debt at Huntsworth and UDG and to pay related fees and expenses.

UDG/Huntsworth is a provider of medical communications, marketing, advisory and packaging services to pharma and biotech clients.

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