MKS Instruments launches $575 million term B at Libor plus 225 bps

By Sara Rosenberg

New York, June 21 – MKS Instruments Inc. launched on Wednesday its $575 million covenant-light term loan B due April 29, 2023 with price talk of Libor plus 225 basis points with a step-down to Libor plus 200 bps when total leverage is less than 1.25 times, a 0.75% 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.

Barclays is the bookrunner on the deal.

Commitments are due at noon ET on June 28, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 275 bps with a 0.75% Libor floor.

MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes.

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