ABB Concise talks $115 million term loan at Libor plus 525 bps

By Sara Rosenberg

New York, Oct. 2 - ABB Concise Inc. launched on Tuesday its $115 million six-year institutional term loan with price talk of Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 98 1/2, according to a market source.

The company's $155 million senior secured credit facility also includes a $40 million five-year revolver.

Commitments are due on Oct. 16, the source added.

RBC Capital Markets and BMO Capital Markets are the bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by New Mountain Capital.

ABB Concise is a Coral Springs, Fla.-based optical distributor, operating as an independent source of marketing and logistics services for eye care professionals, retailers and manufacturers.

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