Cole-Parmer talks $410 million first-lien loan at Libor plus 400 bps

By Sara Rosenberg

New York, March 1 – Cole-Parmer Instrument Co. launched on Wednesday a $410 million covenant-light first-lien term loan with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due on March 15, the source said.

The company’s $620 million credit facility also includes a $40 million revolver and a $180 million pre-placed second-lien term loan, the source added.

Jefferies Finance LLC, Antares Capital and Golub are the joint lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Golden Gate Capital from GTCR.

Closing is expected this quarter.

Cole-Parmer is a Vernon Hills, Ill.-based provider of laboratory and industrial fluid handling products, instrumentation, equipment and supplies.

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