Edwards launches $700 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Feb. 8 - Edwards Ltd. held a bank meeting on Tuesday afternoon to launch a roughly $700 million term loan due May 2016 that is being talked at Libor plus 425 basis points with a 1.5% Libor floor and an original issue discount of 99, according to a market source.

Deutsche Bank and JPMorgan are the lead banks on the deal.

Proceeds will be used to refinance existing debt, including a term loan that is basically being amended and extended through this new deal, and to fund a dividend payment.

Corporate ratings are expected at B2/B+.

Edwards is a Crawley, England-based supplier of vacuum and abatement equipment and services.

© 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.