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MKS readies launch of $650 million incremental loan for Wednesday
By Sara Rosenberg
New York, Jan. 7 – MKS Instruments Inc. is scheduled to hold a lender call at 10 a.m. ET on Wednesday to launch its proposed $650 million seven-year incremental first-lien term loan B, according to a market source.
The company is also seeking a $100 million five-year ABL revolver.
Barclays and HSBC Securities (USA) Inc. are the bookrunners on the deal.
Based on filings with the Securities and Exchange Commission, the incremental term loan B is expected to be covenant-light, to be priced at Libor plus 175 basis points with a 0% Libor floor, and to include 101 soft call protection for six months.
The filings outlined expected initial ABL revolver pricing at Libor plus 150 bps.
Proceeds will be used to help fund the acquisition of Electro Scientific Industries Inc. for $30.00 per share in cash, or about $1 billion.
Other funds for the transaction will come from cash on hand.
Closing is expected this quarter.
MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions to improve performance and productivity of advanced manufacturing processes. Electro Scientific is a Portland, Ore.-based supplier of photonic and laser systems to microelectronics customers.
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