ConvaTec launches $850 million B loan at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 1 - ConvaTec Healthcare launched its $850 million six-year term loan B on Wednesday with price talk of Libor plus 450 basis points with a 1.75% Libor floor and an original issue discount of 99, according to a market source.

The company $1.1 billion credit facility, which is available in dollars and euros, also includes a $250 million five-year revolver.

JPMorgan and Goldman Sachs are the lead banks on the deal.

Proceeds, along with new notes, will be used to refinance substantially all of the company's debt under its existing senior secured and mezzanine facilities.

ConvaTec is a Skillman, N.J.-based developer, manufacturer and marketer of medical technologies for community and hospital care.

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