Sterigenics launches term loan repricing at Libor plus 300 bps

By Sara Rosenberg

New York, March 27 – Sterigenics-Nordion Holdings LLC launched a repricing of its existing term loan to Libor plus 300 basis points with a 1% Libor floor from Libor plus 325 bps with a 1% Libor floor, according to a market source.

The repricing is offered at par, the source said.

This transaction comes on the back of the company’s successful syndication last week of a $120 million incremental term loan due March 15, 2022 at pricing of Libor plus 300 bps with a 1% Libor floor and an original issue discount of 99.75.

As a result of the decision to reprice, the incremental loan will now be fungible with the existing term loan.

The term loan debt will get 101 soft call protection for six months, the source continued.

Jefferies Finance LLC is the bookrunner on the deal.

Proceeds from the incremental term loan will be used to refinance senior secured notes.

Consents for the repricing amendment are due on Wednesday, the source added.

Sterigenics is a Deerfield, Ill.-based provider of contract sterilization, gamma technologies and medical isotopes.

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