ABB/Con-Cise launches $100 million revolver, $350 million term loan B

By Sara Rosenberg

New York, June 1 – ABB/Con-Cise Optical Group LLC held its bank meeting on Wednesday, launching a $100 million five-year revolver (B1) and a $350 million seven-year first-lien covenant-light term loan B (B1), according to a market source.

The company’s $610 million senior secured credit facility also includes a $160 million eight-year second-lien term loan (Caa2) that was privately placed, the source said.

Price talk on the revolver is Libor plus 475 basis points to 500 bps with no Libor floor, and talk on the first-lien term loan B is Libor plus 475 bps to 500 bps with a 1% Libor floor and an original issue discount of 98.5 to 99, the source continued.

Included in the first-lien term loan B is 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Capital One, Deutsche Bank Securities Inc. and RBC Capital Markets LLC are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on June 10, the source added.

Proceeds will be used to refinance existing debt and to fund a shareholder dividend.

ABB/Con-Cise is a Coral Springs, Fla. optical distributor.

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