Zebra Technologies ups talk on term loan B to Libor plus 375-400 bps

By Sara Rosenberg

New York, Sept. 29 – Zebra Technologies Corp. revised price talk on its $2 billion seven-year term loan B to Libor plus 375 basis points to 400 bps from Libor plus 350 bps to 375 bps, according to a market source.

In addition, the 101 soft call protection was extended to one year from six months and the MFN sunset was eliminated, the source said.

The term loan B still has a 0.75% Libor floor and an original issue discount of 99.

The company’s $2.25 billion senior secured credit facility (BB+) also includes a $250 million revolver.

Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are the joint bookrunners on the deal and joint lead arrangers with Deutsche Bank Securities Inc.

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

Proceeds will be used to help fund the $3.45 billion acquisition of Motorola Solutions Inc.’s enterprise business.

Other funds for the transaction are expected to come from $1.25 billion of notes and cash on hand.

Closing is expected by the end of the year.

Zebra is a Lincolnshire, Ill.-based provider of marking and printing technologies.

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