Cole-Parmer revises incremental term loan issue price to par

By Sara Rosenberg

New York, Jan. 14 – Cole-Parmer Instrument Co. LLC (CPI HoldCo LLC) tightened the issue price on its fungible $125 million incremental first-lien term loan due Nov. 4, 2026 to par from talk in the range of 99.5 to 99.75, according to a market source.

Pricing on the incremental term loan and repricing of the company’s existing roughly $868 million first-lien term loan due Nov. 4, 2026 remained at Libor plus 400 basis points with a 25 bps leveraged-based step-down and a 0% Libor floor.

The repricing is still offered at par.

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 10 a.m. ET on Friday, accelerated from 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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