Maravai LifeSciences flexes $600 million term B to Libor plus 425 bps

By Sara Rosenberg

New York, Oct. 14 – Maravai LifeSciences (Maravai Intermediate Holdings LLC) reduced pricing on its $600 million seven-year covenant-lite first-lien term loan B to Libor plus 425 basis points from Libor plus 450 bps and added a 25 bps step-down at B2/B corporate family ratings, according to a market source.

The term loan still has a 25 bps step-down at 4.5x net first-lien leverage, a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Also, the company upsized its five-year revolver to $180 million from $150 million, the source said.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Jefferies LLC and Antares Capital LP are the joint lead arrangers and bookrunners on the now $780 million of senior secured credit facilities, up from $750 million.

Commitments continue to be due at noon ET on Thursday, the source added.

Proceeds will be used to refinance existing debt, fund the repurchase of an existing Cygus minority interest, fund a distribution to shareholders and pay transaction fees and expenses.

Maravai, a GTCR portfolio company, is a San Diego-based provider of life science reagents and services to researchers and biotech innovators.

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