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Creganna-Tactx lowers pricing on first- and second-lien term loans
By Sara Rosenberg
New York, Nov. 19 – Creganna-Tactx Medical reduced pricing on its $185 million first-lien term loan (B1/B) to Libor plus 425 basis points from talk of Libor plus 450 bps to 475 bps and on its $90 million second-lien term loan (Caa1/CCC+) to Libor plus 800 bps from talk of Libor plus 825 bps to 850 bps, according to a market source.
In addition, the original issue discount on the first-lien term loan was revised to 99¼ from 99 and the discount on the second-lien term loan was tightened to 99 from 98½, the source said.
As before, both term loans have a 1% Libor floor, the first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.
The company’s $300 million credit facility also provides for a $25 million revolver (B1/B).
Recommitments were due by the close of business on Wednesday, the source added.
Allocations are expected on Thursday.
RBC Capital Markets, Morgan Stanley Senior Funding Inc., Bank of Ireland and Societe Generale are the lead banks on the deal.
Proceeds will be used to help finance the purchase of Precision Wire Components LLC from the Riverside Co., and the combined company will be known as Creganna Medical.
First-lien leverage is 3.4 times, total leverage is 5.1 times and equity is more than 40% of the capitalization.
Closing is expected in early December, subject to regulatory approvals and other customary conditions.
Creganna-Tactx is a Galway, Ireland-based provider of medical device outsourcing services. Precision Wire is a Tualatin, Ore.-based producer of medical wires.
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