LGC discloses talk on £496 million equivalent U.S. and euro term B

By Sara Rosenberg

New York, March 26 – LGC released price talk on its £496 million equivalent U.S. and euro covenant-lite term loan B due April 2027 in connection with its investor call on Friday, according to a market source.

The U.S. term loan tranche is talked at Libor plus 350 basis points with a 0.5% Libor floor and an original issue discount of 99.5, and the euro term loan tranche is talked at Euribor plus 325 bps to 350 bps with a 0% floor and a discount of 99.5, the source said.

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

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

Commitments are due at 7 a.m. ET on Thursday.

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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