Patterson Medical to launch $300 million term loan B on Tuesday

By Sara Rosenberg

New York, July 31 – Patterson Medical is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $300 million seven-year covenant-light term loan B, according to a market source.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays and Jefferies Finance LLC are the bookrunners on the deal.

The term loan B is talked with 101 soft call protection for six months and amortization of 1% per annum, the source said.

Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners from Patterson Cos. Inc. for gross proceeds of around $715 million in cash.

Other funds for the transaction will come from equity.

Closing is expected in the fiscal second quarter, subject to regulatory requirements and other customary conditions.

Patterson Medical is a distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets.

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