Brooks Automation sets talk on first- and second-lien term loans

By Sara Rosenberg

New York, Nov. 8 – Brooks Automation Inc. (Altar BidCo Inc.) disclosed price talk on its $825 million seven-year first-lien term loan (B1/B) and $205 million eight-year second-lien term loan (Caa1/CCC+) with its lender call on Monday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points with a 0.5% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 625 bps to 650 bps with a 0.5% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Ticking fees on the term loans are half the margin from days 46 to 90 and the full margin thereafter.

Barclays, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Investment Bank, MUFG, SMBC and Stifel are the joint bookrunners on the deal, with Barclays the left lead and administrative agent on the first-lien term loan, and Goldman the left lead and agent on the second-lien term loan.

Commitments are due at noon ET on Nov. 17, the source added.

Proceeds will be used with about $2 billion of equity to fund the buyout of the company by Thomas H. Lee Partners LP in a transaction valued at $3 billion.

Closing is expected in the first half of 2022 upon satisfaction of customary conditions and regulatory approvals.

Brooks Automation is a Chelmsford, Mass.-based automation technology company with significant expertise in semiconductors.

© 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.