Lantheus Medical to launch $365 million term loan on Wednesday

By Sara Rosenberg

New York, June 9 – Lantheus Medical Imaging Inc. is set to hold a bank meeting at 12:30 p.m. ET in New York on Wednesday to launch a $365 million seven-year first-lien covenant-light term loan, according to a market source.

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Wells Fargo Securities LLC are the lead banks on the deal.

The term loan is talked at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

Included in the loan is 101 soft call protection for six months.

Proceeds will be used with initial public offering proceeds and cash on hand to redeem $400 million of 9¾% senior notes due 2017 and to repay revolver borrowings.

Closing on the term loan is conditioned upon the closing of the IPO of common stock.

Commitments are due at 5 p.m. ET on June 23, the source added.

Lantheus Medical is a North Billerica, Mass.-based developer, manufacturer, seller and distributor of diagnostic imaging agents.

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