Harvard Drug Group launches $300 million term loan repricing

By Sara Rosenberg

New York, Jan. 29 - Harvard Drug Group LLC launched with a call on Tuesday a repricing of its $300 million term loan, according to a market source.

Through the transaction, the company is looking to take the pricing to Libor plus 375 basis points with a 1.25% Libor floor from Libor plus 475 bps with a 1.25% Libor floor, the source said.

The repriced loan will have 101 soft call protection for one year.

Existing lenders are getting paid out at 101 as a result of current call protection, the source added.

Commitments are due on Feb. 5.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Harvard Drug is a Livonia, Mich.-based independent pharmaceutical distributor.

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