ABB/Con-Cise lifts term B to $370 million, firms at Libor plus 500 bps

By Sara Rosenberg

New York, June 10 – ABB/Con-Cise Optical Group LLC increased its seven-year first-lien covenant-light term loan B to $370 million from $350 million and finalized pricing at Libor plus 500 basis points, the high end of the Libor plus 475 bps to 500 bps talk, according to a market source.

Also, the original issue discount on the term loan was set at 99, the tight end of the 98.5 to 99 talk, the source said.

The first-lien term loan B still has a 1% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

The company’s now $630 million senior secured credit facility, up from $610 million, also includes a $100 million five-year revolver and a $160 million eight-year second-lien term loan that was privately placed.

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.

Recommitments were scheduled to be due by 5 p.m. ET on Friday.

Allocations are targeted for Monday, the source continued.

Proceeds will be used to refinance existing debt and to fund a shareholder dividend, the size of which was increased with the term loan B upsizing, the source added.

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

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