Fresenius lowers Libor floor on $996 million, €165 million term loan C to 1.5%

By Sara Rosenberg

New York, March 8 - Fresenius SE reduced the Libor floor on its approximately $996 million and roughly €165 million term loan C to 1.5% from 1.75%, according to a market source.

Pricing on the term loan C remained at Libor plus 300 basis points, it is still being sold at par and its still includes 101 soft call protection for one year.

Deutsche Bank is the lead bank on the deal.

Proceeds will be used to refinance the existing term loan B that is priced at Libor plus 350 bps with a 3.25% Libor floor.

The new term loan C will mature in September 2014, the same maturity as the existing term loan B.

All existing term loan lenders will receive 100 bps, which is the existing call protection and consenting lenders to the amendment that was launched in conjunction with the term loan C will also receive 25 bps.

Fresenius is a Bad Homburg, Germany-based provider of products and services for individuals undergoing dialysis.

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