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Microsemi launches $350 million term B repricing at Libor plus 300 bps
By Sara Rosenberg
New York, Feb. 17 - Microsemi Corp. launched a repricing of its $350 million seven-year term loan B on Thursday with new price talk being Libor plus 300 basis points with a 1% Libor floor, a par offer price and 101 soft call protection for one year, according to a market source.
When the loan was obtained last year for the acquisition of Actel Corp., it was done at pricing of Libor plus 350 bps with a 1.5% Libor floor and an original issue discount of 99.
Morgan Stanley is the lead bank on the deal.
No investor call was held to launch the repricing, the source added.
Microsemi is an Irvine, Calif.-based semiconductor manufacturer.
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