Ortho-Clinical talks $2.33 billion term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, May 17 – Ortho-Clinical Diagnostics launched on Thursday its $2,325,000,000 seven-year term loan B with price talk of Libor plus 325 basis points with a step-down to Libor plus 300 bps upon a qualified initial public offering, a 0% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

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

The company’s $2,675,000,000 of credit facilities (B1/B-) also include a $350 million five-year revolver.

Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, ING, UBS Investment Bank, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc., RBS, Bank of Ireland and Nomura are the arrangers on the deal.

Commitments are due at noon ET on May 31, the source added.

Proceeds will be used to refinance existing credit facilities.

The Carlyle Group is the sponsor.

Ortho-Clinical Diagnostics is a Raritan, N.J.-based provider of in-vitro diagnostics solutions for screening, diagnosing and monitoring diseases.

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