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Medpace tightens discount on $530 million term loan to 99½
By Sara Rosenberg
New York, March 27 - Medpace Inc. modified the original issue discount on its $530 million seven-year covenant-light term loan to 99½ from 99, according to a market source.
Pricing on the loan is still Libor plus 400 basis points with a 1% Libor floor, but a step-down was added to Libor plus 375 bps when leverage is 4.75 times, the source said.
As before, the term loan has 101 soft call protection for six months.
The company's $590 million credit facility (B2/B+) also includes a $60 million revolver.
Jefferies Finance LLC, Barclays, Credit Suisse Securities (USA) LLC, UBS Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to help fund the buyout of the company by Cinven from CCMP Capital.
Medpace is a Cincinnati-based full-service clinical research organization providing phase 1-4 core development services for drug, biologic and device programs.
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