Medical Specialties to launch $170 million credit facility on Monday

By Sara Rosenberg

New York, Oct. 31 - Medical Specialties Distributors LLC will hold a bank meeting at 3 p.m. ET in New York on Monday to launch a $170 million credit facility (B3/B), according to a market source.

Credit Suisse Securities (USA) LLC and BNP Paribas Securities Corp. are the lead banks on the deal.

The facility consists of a $30 million revolver and a $140 million six-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, the source continued.

The term loan has 101 soft call protection for one year and a maximum total net leverage covenant.

Proceeds will be used to help fund the buyout of the company by New Mountain Capital.

Commitments are due on Nov. 18, the source added.

Medical Specialties is a Stoughton, Mass.-based distributor of home infusion equipment and supplies.

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