Integer launches $563.3 million term loan B at Libor plus 250 bps

By Sara Rosenberg

New York, Nov. 12 – Integer Holdings Corp. (Greatbatch Ltd.) was scheduled to hold a lender call at 2:15 p.m. ET on Tuesday to launch a roughly $563.3 million covenant-lite first-lien term loan B (B1/B+) due Oct. 27, 2022 that is talked at Libor plus 250 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B down from Libor plus 300 bps with a 1% Libor floor.

Closing is expected on Nov. 20.

On Nov. 7, the company received commitments to extend its $200 million revolving credit facility and $277 million term loan A to Oct. 27, 2022, reduce the leverage-based pricing grid by 25 bps and incorporate several minor technical amendments.

Pricing on the extended revolver and term loan A is Libor plus 200 bps.

The company’s net total debt to adjusted EBITDA is 3x.

Integer is a Plano, Tex.-based medical device outsourcing manufacturer.

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