Biomet ups term B-2 to $2.98 billion, flexes to Libor plus 350 bps

By Sara Rosenberg

New York, Sept. 10 - Biomet Inc. increased its covenant-light term loan B-2 (B1/BB-) due July 25, 2017 to $2,982,000,000 from $865 million and reduced pricing to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, a step-down was added to Libor plus 325 bps at less than 2.25 times net secured leverage and the original issue discount was revised to 99¾ from talk of 99¼ to 991/2, the source said.

As before, the loan has 101 soft call protection for six months and no Libor floor.

Proceeds will be used to repay an extended euro term loan B, and due to the upsizing, to reprice the existing U.S. term loan B from Libor plus 375 bps.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

Bank of America Merrill Lynch, Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the arrangers on the deal.

Biomet is a Warsaw, Ind.-based manufacturer of musculoskeletal biomedical devices.

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