LGC to launch £496 million equivalent U.S. and euro term B on Friday

By Sara Rosenberg

New York, March 25 – LGC is scheduled to hold an investor call at 10 a.m. ET on Friday to launch a £496 million equivalent U.S. and euro covenant-lite term loan B due April 2027, according to a market source.

HSBC and Morgan Stanley are the joint global coordinators and physical bookrunners on the deal. BNP Paribas, Credit Agricole, KKR Capital Markets, Mizuho, MUFG, Natixis, NatWest, Nomura and SMBC are mandated lead arrangers. Wilmington Trust is the agent.

The euro term loan tranche has a 0% floor, the source said.

All of the term loan debt has 101 soft call protection for six months.

Commitments are due at 7 a.m. ET on April 1, the source added.

Proceeds will be used to refinance some existing debt, fund a shareholder distribution and pay related transaction fees and expenses.

LGC is a U.K.-based life sciences tools company, providing specialty genomic analysis tools, measurement tools and supply chain assurance solutions.

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