Ortho-Clinical Diagnostics launches term loan at Libor plus 350 bps

By Sara Rosenberg

New York, April 28 - Ortho-Clinical Diagnostics Inc. launched on Monday its $2,175,000,000 seven-year term loan B with price talk of Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99 to 991/2, according to a market source.

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

Also included in the company's $2,525,000,000 senior secured credit facility (B1/B) is a $350 million five-year revolver.

Commitments are due on May 7, the source added.

Barclays, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, UBS Securities LLC and Nomura are leading the debt.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group from Johnson & Johnson for $4.15 billion.

Other funds for the transaction will come from equity and bonds.

Closing is expected in the middle of this year, subject to customary regulatory approvals.

Ortho-Clinical Diagnostics is a Raritan, N.J.-based provider of services for screening, diagnosing, monitoring and confirming diseases.

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