ABB/Con-Cise tweaks OID talk on $48 million term loan to 99.5-par

By Sara Rosenberg

New York, Oct. 26 – ABB/Con-Cise Optical Group LLC revised the issue price talk on its fungible $48 million senior secured covenant-light incremental first-lien term loan B (B1/B) due June 15, 2023 to a range of 99.5 to par from just 99.5, according to a market source.

Pricing on the loan is Libor plus 500 basis points with a 1% Libor floor, and the debt has 101 soft call protection until December 2016.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Wednesday, accelerated from Friday, the source said.

Proceeds will be used to repay borrowings under the company’s revolving credit facility that were used to finance an acquisition.

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

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