Cole-Parmer launches $770 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Oct. 16 – Cole-Parmer Instrument Co. (Curie Merger Sub LLC) launched on Wednesday its $770 million seven-year first-lien term loan (B2/B) with price talk of Libor plus 400 basis points to 425 bps with 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 Oct. 29, the source said.

The company’s $1.09 billion equivalent of credit facilities also include a $75 million revolver (B2/B) and a $245 million equivalent eight-year second-lien term loan that has been privately placed.

Jefferies LLC is the left lead arranger on the deal.

Proceeds will be used to help fund the acquisition of a majority stake in the company by GTCR.

Closing is expected in the fourth quarter.

Upon closing, Golden Gate Capital and management will retain a significant minority stake in the company.

Cole-Parmer is a Vernon Hills, Ill.-based provider of fluid handling, test & measurement, environmental and biosciences instrumentation and associated consumables.

© 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.