Mediq cuts spread on €500 million term loan to Euribor plus 350 bps

By Sara Rosenberg

New York, Feb. 24 – Mediq (Magellan Dutch Bidco BV) reduced pricing on its €500 million seven-year covenant-lite term loan B (B2/B) to Euribor plus 350 basis points from talk in the range of Euribor plus 375 bps to 400 bps, according to a market source.

Also, the original issue discount talk on the term loan was revised to a range of 99.75 to par from 99.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months

BNP Paribas, HSBC and UBS are the joint global coordinators and physical bookrunners. ING is a joint physical bookrunner. Deutsche Bank and Danske are joint bookrunners. Wilmington Trust is the agent.

Unconditional commitments were scheduled to be due at 9 a.m. ET on Wednesday, the source added.

Proceeds will be used to pay purchase price considerations, to refinance existing debt, to fund fees and expenses and for general corporate purposes.

Mediq is an Utrecht, Netherlands based Pan-European medical equipment and service provider.

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