Carestream launches $375 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, July 24 – Carestream Dental Equipment Inc. launched on Monday its $375 million seven-year covenant-light first-lien term loan with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

The company’s $455 million of credit facilities (B2/B) also include an $80 million revolver.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ING, Goldman Sachs Bank USA and Jefferies LLC are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Aug. 7.

Proceeds will be used to help fund the buyout of the company by Clayton, Dubilier & Rice and CareCapital Advisors Ltd. from Carestream.

Closing is expected in the third quarter, subject to regulatory and other approvals.

Carestream Dental is a provider of imaging systems, practice management software and other services to the dental market.

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