Greatbatch launches $350 million term B at Libor plus 250-275 bps

By Sara Rosenberg

New York, Aug. 12 – Greatbatch Ltd. (Integer) launched on Thursday its $350 million seven-year senior secured covenant-lite term loan B (Ba3/BB-) with price talk of Libor plus 250 basis points to 275 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Security is substantially all assets of the parties with exceptions for excluded assets.

Wells Fargo Securities LLC, BofA Securities Inc., Fifth Third, KeyBanc Capital Markets, Citigroup Global Markets Inc. and Santander are the lead arrangers on the deal.

Commitments are due at noon ET on Aug. 19.

Proceeds will be used to refinance existing debt.

Greatbatch is a Plano, Tex.-based medical device company.

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