Evans Analytical spread cut on $150 million loan to Libor plus 450 bps

By Sara Rosenberg

New York, July 14 - Evans Analytical Group reduced pricing on its $150 million credit facility to Libor plus 450 basis points from Libor plus 500 bps and tightened the original issue discount to 99½ from 99, according to a source.

The facility, comprised of a $15 million revolver and a $135 million term loan, still has a 1.5% Libor floor.

With the flex, the term loan saw the addition of 101 soft call protection for one year, the source remarked.

GE Capital Markets is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Evans Analytical Group is a Sunnyvale, Calif.-based independent laboratory network.

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