Patterson Medical launches $300 million term B at Libor plus 375 bps

By Sara Rosenberg

New York, Aug. 4 – Patterson Medical launched on Tuesday its $300 million seven-year covenant-light term loan B with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

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

Commitments are due on Aug. 12, the source said.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays and Jefferies Finance LLC are the bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners from Patterson Cos. Inc. for gross proceeds of around $715 million in cash.

Other funds for the transaction will come from equity.

Closing is expected in the fiscal second quarter, subject to regulatory requirements and other customary conditions.

Patterson Medical is a distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets.

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