LGC to launch £1.04 billion equivalent U.S. and euro loan on Friday

By Sara Rosenberg

New York, Jan. 8 – LGC Group is scheduled to hold a bank meeting in London at 3:30 a.m. ET on Friday to launch a £1,042,000,000 equivalent U.S. and euro seven-year covenant-lite term loan, according to a market source.

The U.S. portion of the term loan will be a minimum of $330 million, the source said.

BNP Paribas, HSBC, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are the global coordinators and joint active bookrunners on the deal. SMBC is a joint bookrunner. Barclays, Credit Agricole, Mizuho, MUFG, Natixis, NatWest and Nomura are mandated lead arrangers.

The term loan debt is talked with a 0% floor and 101 soft call protection for six months, the source added.

Commitments are due at noon ET on Jan. 23.

Proceeds will be used to help fund the buyout of the company by a consortium jointly led by Astorg and Cinven, to refinance existing debt and for cash overfunding.

LGC is a U.K.-based provider of life sciences tools.

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