Microsemi launches $794.7 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, Nov. 13 – Microsemi Corp. launched on Monday a $794.7 million covenant-light term loan due Jan. 15, 2023 with price talk of Libor plus 200 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used to reprice the existing term loan B from Libor plus 225 bps with a 0% Libor floor and amend the existing credit facilities.

Commitments/consents are due at 5 p.m. ET on Thursday, the source added.

Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor solutions.

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