Sage Products launches $380 million first-lien term loan to investors

By Sara Rosenberg

New York, Jan. 31 - Sage Products Holdings III LLC held a lender call at 3 p.m. ET on Thursday to launch a $380 million covenant-light first-lien term loan due December 2019, according to a market source.

Barclays and Deutsche Bank Securities Inc. are the bookrunners on the deal.

Price talk on the loan is Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, the source said.

There is 101 soft call protection until Dec. 13, 2019.

Commitments are due at 5 p.m. ET on Tuesday.

Proceeds will be used to refinance the existing first-lien term loan that is priced at Libor plus 400 bps with a 1.25% Libor floor.

First-lien leverage is 4 times and total leverage is 6.1 times.

Sage Products is a Cary, Ill.-based health care products manufacturer specializing in skin hygiene products to help prevent or stop infections in medical settings.

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