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Steris enters $550 million three-year term loan for Key acquisition
By Taylor Fox
New York, Nov. 18 – Steris Corp., Synergy Health Ltd. and Steris Ltd. entered into a $550 million term loan agreement in connection with the acquisition of Key Surgical LLC, according to an 8-K filing with the Securities and Exchange Commission.
The loan matures Nov. 20, 2023.
The proceeds of the term loan were used to fund a portion of the purchase price for the acquisition, to prepay and terminate existing debt of Key Surgical and to pay fees and expenses incurred in connection with the acquisition and entry into the credit agreement.
The term loan bears interest at Libor plus a margin based on the ratio of consolidated total debt to consolidated EBITDA. The margin ranges from 87.5 basis points to 150 bps and is initially 125 bps.
JPMorgan Chase Bank, NA, BofA Securities, Inc., PNC Capital Markets LLC and Citibank, NA are joint lead arrangers and join bookrunners.
JPMorgan is the administrative agent.
BofA, PNC Capital Markets LLC and Citibank are syndication agents.
Sumitomo Mitsui Banking Corp. is the documentation agent.
For the period beginning Jan. 1, 2022 through Dec. 31, 2022, quarterly principal payments, each in the amount of 1.25% of the original principal amount of the loan, are due on the last business day of each fiscal quarter. For the period beginning Jan. 1, 2023 through Sept. 30, 2023, quarterly principal payments, each in the amount of 1.875% of the original principal amount of the loan, are due on the last business day of each fiscal quarter.
The remaining unpaid principal balance of the loan, together with interest, is due and payable at maturity.
Steris is a Mentor, Ohio-based maker of contamination control and surgical support products. Key Surgical is a portfolio company of Water Street Healthcare Partners, LLC.
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