MKS Instruments launches $780 million term B at Libor plus 350 bps

By Sara Rosenberg

New York, May 31 – MKS Instruments Inc. launched on Tuesday its $780 million covenant-light term loan B due April 29, 2023, with price talk of Libor plus 350 basis points with a 0.75% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the lead bank on the deal.

Proceeds will be used to reprice the company’s existing term loan B from Libor plus 400 bps with a 0.75% Libor floor.

Existing lenders are getting repaid at 101 with the repricing as a result of current call protection.

Commitments are due by 5 p.m. ET on Friday, the source added.

MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes.

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