Harlan Laboratories pulls $305 million credit facility from market

By Sara Rosenberg

New York, April 17 - Harlan Laboratories Inc. officially withdrew its $305 million credit facility from the primary market, according to a market source.

UBS Securities LLC and Jefferies Finance LLC were the joint bookrunners on the deal.

The facility consisted of a $20 million 31/4-year revolver, a $200 million 33/4-year first-lien term loan and an $85 million 41/2-year second-lien term loan.

At launch, the revolver and first-lien term loan were talked at Libor plus 550 basis points with an original issue discount of 99, and the second-lien term loan was talked at Libor plus 1,000 bps with an original issue discount of 97.

Both term loans had a 1.25% Libor floor, while the revolver had no floor.

In addition, the first-lien term loan had 101 soft call protection for one year and the second-lien term loan was non-callable for one year, then at 103 in year two and 101 in year three.

Proceeds were going to be used to refinance existing debt.

Harlan is an Indianapolis-based provider of pre-clinical and non-clinical contract research, research models, lab animal diets and services.

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