Drive DeVilbiss launches $579 million in term loans to investors

By Sara Rosenberg

New York, Nov. 14 – Drive DeVilbiss Healthcare held a lender meeting on Monday to launch a $417 million seven-year first-lien term loan and a $162 million eight-year second-lien term loan, according to a market source.

The first-lien term loan is talked at Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 97.5, and the second-lien term loan is talked at Libor plus 925 bps with a 1% Libor floor and a discount of 97, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Capital One and HSBC Securities (USA) Inc. are the leads on the deal, with JPMorgan the left lead on the first-lien and Barclays the left lead on the second-lien.

Proceeds will be used to help fund the purchase of a significant interest in the company by Clayton, Dubilier & Rice.

Closing is expected in the fourth quarter.

Drive DeVilbiss is a Port Washington, N.Y.-based manufacturer of medical products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.