Greatbatch finalizes $350 million term loan B at Libor plus 250 bps

By Sara Rosenberg

New York, Aug. 19 – Greatbatch Ltd. (Integer) set pricing on its $350 million seven-year senior secured covenant-lite term loan B (Ba3/BB-) at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps talk, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% Libor floor, 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 were scheduled to be due at noon ET on Thursday, the source added.

Proceeds will be used to refinance existing debt.

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

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