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

By Sara Rosenberg

New York, April 1 – LGC revised price talk on its U.S. covenant-lite term loan B due April 2027 to a range of Libor plus 375 basis points to 400 bps from Libor plus 350 bps and on its euro covenant-lite term loan B due April 2027 to a range of Euribor plus 375 bps to 400 bps from a range of Euribor plus 325 bps to 350 bps, according to a market source.

Also, the Libor floor on the U.S. term loan was changed to 0.75% from 0.5%, the source said.

As before, the euro term loan has a 0% floor, and both term loans have an original issue discount of 99.5 and 101 soft call protection for six months.

The U.S. and euro term loan will total £496 million equivalent.

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 10 a.m. ET on Tuesday, with allocations expected thereafter, 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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