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LGC finalizes U.S. and euro term loan B sizes and pricing
By Sara Rosenberg
New York, April 6 – LGC set the size on its U.S. covenant-lite term loan B due April 2027 at $300 million and the size on its euro covenant-lite term loan B due April 2027 at €330 million, according to a market source.
Previously, the term loan debt (B) was described as a total of £496 million equivalent comprised of U.S. dollar and euro tranches.
Also, pricing on the U.S. term loan firmed at Libor plus 375 basis points, the low end of revised talk of Libor plus 375 bps to 400 bps but up from initial talk of Libor plus 350 bps, the source said.
Pricing on the euro term loan finalized at Euribor plus 375 bps, the low end of revised talk of Euribor plus 375 bps to 400 bps but up from initial talk in the range of Euribor plus 325 bps to 350 bps.
In addition, the original issue discount on the euro term loan was revised to 99.75 from 99.5, the source continued.
The U.S. term loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the euro term loan still has a 0% floor and 101 soft call protection for six months.
Earlier in syndication, the Libor floor on the U.S. term loan was changed from 0.5%.
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 were scheduled to be due at 11 a.m. ET on Tuesday, 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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