Anaren flexes $145 million first-lien term loan to Libor plus 450 bps

By Sara Rosenberg

New York, Feb. 13 - Anaren Inc. reduced pricing on its $145 million seven-year first-lien term loan (B2/B+) to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for one year and a maximum total net leverage covenant.

The company's $235 million senior secured credit facility also includes a $20 million revolver (B2/B+) and a $70 million 71/2-year second-lien term loan (Caa2/CCC+).

Pricing on the covenant-light second-lien term loan remained at Libor plus 825 bps with a 1% Libor floor and a discount of 99, and there is still call protection of 103 in year one, 102 in year two and 101 in year three.

Recommitments are due at 3 p.m. ET on Friday, the source added.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to help fund the buyout of the company by Veritas Capital for $28.00 per share in cash, or about $381 million.

Other funds for the transaction will come from up to $155 million in equity.

Closing is subject to shareholder approval and customary regulatory and other conditions. The transaction is not subject to any financing conditions.

Anaren is a Syracuse, N.Y.-based designer, developer, manufacturer and seller of highly integrated microwave components, assemblies and subsystems for the wireless communications, satellite communications and defense electronics markets.

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