Owens & Minor gets $350 million revolver via Wells, JPMorgan

By Sara Rosenberg

New York, June 8 - Owens & Minor Inc. closed on a new $350 million five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Wells Fargo Securities LLC and J.P. Morgan Securities LLC acted as the lead arrangers and bookrunners on the deal that was completed on June 5.

Initial pricing on the loan is Libor plus 137.5 basis points with a 20 bps unused fee. The spread can range from Libor plus 125 bps to 225 bps and the unused fee can range from 17.5 bps to 42.5 bps, based on leverage.

The revolver has two one-year extension options and a $150 million accordion feature.

Covenants include debt to EBITDA and EBITDA to interest ratio requirements.

Proceeds were used to replace an existing $350 million credit facility that was set to mature on June 7, 2013.

Owens & Minor is a Mechanicsville, Va.-based provider of distribution, third-party logistics and other supply-chain management services to health care providers and suppliers of medical and surgical products.

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