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Medpace lifts spread on $335 million facility to Libor plus 500 bps
By Sara Rosenberg
New York, June 14 - Medpace Inc. increased pricing on its $335 million credit facility (B2/B+) to Libor plus 500 basis points from Libor plus 400 bps, according to a market source.
In addition, the original issue discount widened to 98½ from 99, the source said.
The 1.5% Libor floor was left unchanged.
The facility consists of a $285 million term loan and a $50 million revolver.
As part of the changes, 101 hard call protection for one year was added to the term loan, the source continued.
Jefferies & Co., Barclays Capital Inc., Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.
Proceeds will be used to help fund the buyout of the company by CCMP Capital Advisors LLC from management.
Senior leverage is 4.5 times.
Medpace is a Cincinnati-based research-based drug development company.
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