WIRB-Copernicus talks $920 million loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Dec. 2 – WIRB-Copernicus Group launched on Monday its $920 million first-lien term loan (B) with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Dec. 13.

The company’s $1.39 billion of credit facilities also include a $125 million revolver (B) and a $345 million privately placed second-lien term loan.

Barclays, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BMO Capital Markets, Golub Capital and HSBC Securities (USA) Inc. are the bookrunners on the deal. Barclays is the administrative agent.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners LP.

Closing is expected in the first quarter of 2020, subject to customary approvals.

WIRB-Copernicus is a Princeton, N.J.-based provider of clinical trial optimization solutions.

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