Cole-Parmer tightens OID on $410 million first-lien loan to 99.5

By Sara Rosenberg

New York, March 13 – Cole-Parmer Instrument Co. revised the original issue discount on its $410 million covenant-light first-lien term loan (B2) to 99.5 from 99, according to a market source.

Pricing on the first-lien term loan remained at Libor plus 400 basis points with a 1% Libor floor.

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

Commitments are due at 3 p.m. ET on Tuesday, accelerated from Wednesday, the source said.

The company’s $630 million credit facility also includes a $40 million revolver (B2) and a $180 million pre-placed second-lien term loan (Caa2).

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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