Cole-Parmer talks incremental loan, repricing at Libor plus 400 bps

By Sara Rosenberg

New York, Jan. 12 – Cole-Parmer Instrument Co. LLC (CPI HoldCo LLC) launched on Tuesday its fungible $125 million incremental first-lien term loan due Nov. 4, 2026 and a repricing of its existing roughly $868 million first-lien term loan due Nov. 4, 2026 with price talk of Libor plus 400 basis points with a 25 bps leveraged-based step-down and a 0% Libor floor, according to a market source.

The incremental term loan is talked with an original issue discount of 99.5 to 99.75 and the repricing is offered at par, the source said.

All of the first-lien term loan debt will have 101 soft call protection for six months.

The company is also getting a $65 million privately placed incremental second-lien term loan.

Jefferies LLC is the bookrunner on the deal.

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

Proceeds from the incremental term loans will be used to fund an acquisition, and the repricing will take the existing first-lien term loan down from Libor plus 425 bps with a 0% Libor floor.

Cole-Parmer is a Vernon Hills, Ill.-based manufacturer of peristaltic, temperature monitoring, and environmental precision equipment/consumables used in research and production applications.

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