Sterigenics flexes $490 million term loan to Libor plus 350 bps

By Sara Rosenberg

New York, July 29 – Sterigenics International LLC (STHI Holding Corp.) reduced pricing on its $490 million seven-year first-lien covenant-light term loan to Libor plus 350 basis points from Libor plus 425 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99˝ and 101 soft call protection for six months.

The company’s $565 million credit facility (B2/B) also includes a $75 million revolver.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets LLC and UBS Securities LLC are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Nordion Inc. for $13.00 per share.

Closing is expected in the second half of this year, subject to Nordion shareholder approval, receipt of regulatory approvals and other customary conditions.

Sterigenics is a Deerfield, Ill.-based sterilization services company. Nordion is an Ottawa-based health science company.

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