Patterson Medical launches $330 million term B at Libor plus 425 bps

By Sara Rosenberg

New York, June 14 – Patterson Medical launched its $330 million covenant-light term loan B due August 2022 on Tuesday with price talk of Libor plus 425 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, the source said.

Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the debt.

Proceeds will be used to help fund the acquisition of Performance Health from Gridiron Capital.

Closing is expected this summer, subject to customary conditions.

Patterson Medical, a Madison Dearborn Partners portfolio company, is a Warrenville, Ill.-based distributor of rehabilitation, sports medicine and assistive patient products. Performance Health is an Akron, Ohio-based manufacturer and supplier of consumer branded health, wellness and self-care products.

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