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Cooper Cos. sets Oct. 7 bank meeting for $750 million credit facility
By Sara Rosenberg
New York, Sept. 22 - The Cooper Cos. Inc. has scheduled a bank meeting for Oct. 7 to launch its proposed $750 million credit facility for syndication, according to a market source. Key Banc Capital Markets and JPMorgan Chase Bank are the lead banks on the deal, with Key Banc listed on the left.
The facility will roughly consist of $475 million in term loans, including a five-year term loan A and a seven-year term loan B, and a roughly $275 million five-year revolver.
"Tranches haven't been determined," the source said. "They may be shifting some funds around. Given the current strength of the pro rata market, they may go more toward pro rata depending on what can be done in terms of pricing for the company."
And although price talk isn't officially out, the deal "should be in range of pricing for a strong BB borrower," the source added.
Security will be substantially all assets of the combined Cooper-Ocular entity.
As was previously reported, proceeds will be used to help fund the acquisition of Ocular Sciences Inc. in a merger for stock and cash at a cost of about $1.2 billion, to refinance existing bank debt, and to provide for working capital and general corporate needs.
Under the acquisition agreement, Cooper will pay about $600 million in cash and issue about 10.3 million shares of its common stock to Ocular Sciences stockholders and option holders. The transaction is expected to close in the first quarter of Cooper's 2005 fiscal year, which begins on Nov. 1, 2004.
Cooper Cos. is a Pleasanton, Calif., healthcare products company. Ocular Sciences is a Concord, Calif., manufacturer and marketer of soft contact lenses.
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