Carestream flexes $375 million term loan to Libor plus 325 bps

By Sara Rosenberg

New York, Aug. 3 – Carestream Dental Equipment Inc. reduced pricing on its $375 million seven-year covenant-light first-lien term loan to Libor plus 325 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

The company’s $455 million of credit facilities (B2/B) also include an $80 million revolver.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ING, Goldman Sachs Bank USA and Jefferies LLC are the bookrunners on the deal.

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

Proceeds will be used to help fund the buyout of the company by Clayton, Dubilier & Rice and CareCapital Advisors Ltd. from Carestream.

Closing is expected in the third quarter, subject to regulatory and other approvals.

Carestream Dental is a provider of imaging systems, practice management software and other services to the dental market.

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