Immucor firms Tuesday launch for $700 million credit facility

By Sara Rosenberg

New York, July 29 - Immucor Inc. has firmed up the Tuesday bank meeting for its $700 million senior secured credit facility with the launch having a 10 a.m. ET start time in New York, according to a market source.

The facility consists of a $100 million five-year revolver, of which no more than $25 million can be drawn at closing, and a $600 million seven-year term loan.

Official price talk is not yet available, the source said.

Recently, the company said in an SC TO-T/A filed with the Securities and Exchange Commission that it expects the facility to be priced at Libor plus 475 basis points, with the term loan having a 1.5% Libor floor and the revolver having a 50 bps unused fee.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint lead arrangers on the deal and bookrunners. UBS Securities LLC is a bookrunner as well, while RBC Capital Markets LLC and Deutsche Bank Securities Inc. are co-documentation agents.

Proceeds will be used to help fund the buyout of the company by TPG Capital for $27.00 per share in cash. The transaction has a fully diluted equity value of $1.973 billion.

Other funds for the acquisition will come from notes, which are backed by a commitment for a $400 million senior unsecured bridge loan, and up to $691 million in equity.

Syndication of the bridge loan has already been completed.

As part of the agreement, TPG is in the process of tendering for Immucor's common stock shares. The tender offer expires on Aug. 18.

Closing on the buyout is expected in the second half of the year, subject to satisfaction of the minimum tender condition of 84% of the company's shares, approval under the Hart-Scott-Rodino Antitrust Improvements Act, the receipt of any applicable consents or approvals under German antitrust or merger control laws and other customary conditions.

If the minimum tender condition is not met, the parties have agreed to complete the transaction through a one-step merger after receipt of shareholder approval.

There is a go-shop period through Aug. 15.

Immucor is a Norcross, Ga.-based provider of automated instrument-reagent systems to the blood transfusion industry.

© 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.