Kinetic Concepts talk $350 million add-on loan at OID of 99 to 99½

By Sara Rosenberg

New York, Aug. 8 - Kinetic Concepts Inc. launched its $350 million add-on term loan (Ba3) on Thursday with original issue discount talk of 99 to 991/2, according to a market source.

Pricing on the add-on is Libor plus 350 basis points with a 1% Libor floor.

Commitments are due Aug. 14, the source said.

BofA Merrill Lynch, Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the lead banks on the deal.

Proceeds will be used to help fund the $485 million acquisition of Systagenix, a U.K.-based provider of advanced wound care products.

The transaction is expected to close in the fourth quarter, subject to customary conditions, including applicable antitrust approvals.

Kinetic Concepts is a San Antonio, Texas-based medical technology company.

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