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Fresenius Medical Care's pro rata amend-and-extend grid-based spread starts at Libor plus 150 bps
By Paul A. Harris
St. Louis, Sept. 9 - Fresenius Medical Care USA set pricing for its amendment to extend its $1 billion revolver and its $1.3 billion term loan A on a leverage-based grid beginning at Libor plus 150 basis points, according to a market source.
That spread is based on leverage of 2 times to 2½ times.
Bank of America Merrill Lynch and Deutsche Bank are the lead arrangers.
The grid features a spread step-up to 162.5 bps, should leverage increase to greater than 2½ times. It features a step-down to Libor plus 137.5 bps if leverage falls to 2 times or less.
The revolver comes with a 50 bps undrawn fee.
The U.S. bank meeting took place on Wednesday. A bank meeting took place in Germany on Sept. 3.
The issuer is a U.S.-based subsidiary of a kidney dialysis company based in Bad Homburg, Germany.
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