Greatbatch sets meeting for $1.53 billion bank debt backing acquisition

By Paul A. Harris

Portland, Ore., Sept. 18 – Greatbatch Ltd. plans to roll out $1,525,000,000 of credit facilities on Tuesday, according to a market source.

The institutional portion of the deal is a $1,025,000,000 seven-year term loan B which comes with a 1% Libor floor at 99 OID. It comes with six months of soft call protection at 101 and 1% annual amortization rate.

Credit Suisse Securities (USA) LLC is left lead for the term loan B.

The credit facilities also include a $200 million five-year revolver priced at Libor plus 325 basis points and subject to a leverage grid and a $300 million six-year term loan A.

M&T Bank is left lead for the revolver and term loan A.

Proceeds will be used to fund the acquisition of Lake Region Medical, a Wilmington, Mass., provider of outsourced manufacturing and engineering services to the medical device industry.

Greatbatch is a Frisco, Texas-based medical device company.

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