Orchid to launch $585 million first-lien credit facilities on Tuesday

By Sara Rosenberg

New York, Feb. 11 – Orchid Orthopedic Solutions is scheduled to hold a bank meeting at 10 a.m. ET on Tuesday to launch $585 million of first-lien credit facilities, according to a market source.

The first-lien facilities consist of a $100 million revolver and a $485 million seven-year first-lien term loan.

The company is also getting a $160 million eight-year privately placed second-lien term loan, the source said.

Jefferies LLC, Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are the lead arrangers on the deal.

Included in the first-lien term loan is 101 soft call protection for six months.

Proceeds will be used to help fund the buyout of the company by Nordic Capital Partners from Altor Fund III, who will retain a significant minority holding in Orchid Orthopedic.

Closing is subject to customary regulatory approvals.

Orchid Orthopedic is a Holt, Mich.-based designer and manufacturer of medical devices.

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