Microsemi launches $674.7 million term B at Libor plus 225-250 bps

By Sara Rosenberg

New York, Jan. 17 – Microsemi Corp. held a lender call at 3:30 p.m. ET on Tuesday to launch a $674.7 million senior secured covenant-light term loan B due Jan. 15, 2023 that is talked at Libor plus 225 basis points to 250 bps with no Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will used to reprice an existing term loan B from Libor plus 300 bps with a 0.75% Libor floor.

Consents/commitments are due at 3 p.m. ET on Friday, the source added.

Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor solutions.

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