DJO Finance firms $891 million first-lien loan at Libor plus 325 bps

By Sara Rosenberg

New York, April 4 - DJO Finance LLC finalized pricing on its $891 million first-lien term loan (B+) due September 2017 at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, according to a market source.

Of the total term loan amount, $40 million is a fungible add-on and $851 million is for a repricing of the existing first-lien term loan.

The offer price on the add-on was tightened to par from 993/4, while the offer price on the repricing remained at par, the source said.

In addition, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor and a maximum first-lien net leverage covenant.

Recommitments were due at noon ET on Friday, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

Proceeds from the add-on will be used to repay revolving credit facility borrowings, and the repricing will take the existing term loan down from Libor plus 375 bps with a 1% Libor floor.

DJO is a Vista, Calif.-based provider of medical device solutions for musculoskeletal health, vascular health and pain management.

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