ConvaTec launches $484 million term B repricing at Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 13 - ConvaTec Inc. launched a repricing and amendment of its existing $484 million U.S. term loan B to take pricing down to Libor plus 375 basis points with a 1.25% Libor floor, according to a market source.

The loan was previously priced at Libor plus 425 bps with a 1.5% floor.

The repriced loan is being offered at an original issue discount of 993/4, the source said.

In addition, the repriced loan will have 101 soft call protection for one year.

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

J.P. Morgan Securities LLC is the lead bank on the deal.

ConvaTec is a Skillman, N.J.-based developer and marketer of medical technologies.

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