Orchid talks $485 million first-lien loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Feb. 12 – Orchid Orthopedic Solutions launched on Tuesday its $485 million seven-year first-lien term loan with price talk of Libor plus 425 basis points to 450 bps with a 25 bps leverage-based step-down, a 0% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due on Feb. 26, the source said.

The company’s $745 million of credit facilities also include a $100 million revolver and a $160 million eight-year privately placed second-lien term loan.

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

Proceeds will be used to help fund the buyout of the company by Nordic Capital Partners from Altor Fund III, which 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.