Sage Products launches first-lien loan repricing at Libor plus 325 bps

By Sara Rosenberg

New York, May 20 – Sage Products Holdings III LLC launched on Wednesday the repricing of its roughly $551 million first-lien term loan due Dec. 13, 2019 with price talk of Libor plus 325 basis points with a 1% Libor floor and a par issue price, according to a market source.

The repriced loan will have 101 soft call protection for six months, the source said.

This transaction will take pricing on the first-lien term loan down from Libor plus 400 bps with a 1% Libor floor, and extend the 101 soft call protection from a current expiration date of June 12.

Commitments are due on May 28, the source added.

Barclays and Deutsche Bank Securities Inc. are the bookrunners on the deal.

Madison Dearborn Partners is the sponsor.

Sage Products is a Cary, Ill.-based developer of products primarily for hospital intensive care units, which help prevent hospital-acquired conditions.

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