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UDG/Huntsworth shifts funds between U.S. and euro term loans
By Sara Rosenberg
New York, Aug. 5 – UDG Healthcare/Huntsworth downsized its U.S. seven-year first-lien term loan B (B1/B) to $1.6 billion from $1.94 billion and upsized its euro seven-year first-lien term loan B (B1/B) to €690 million from €400 million, according to a market source.
Also, price talk on the U.S. term loan was revised to a range of Libor plus 425 basis points to 450 bps from a range of Libor plus 400 bps to 425 bps and then finalized at Libor plus 425 bps, and the original issue discount firmed at 99, the wide end of the 99 to 99.5 talk, the source said.
Pricing on the euro term loan was set at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk.
The U.S. term loan still has a 0.5% Libor floor, the euro term loan still has 0% floor and a discount of 99.5, and both loans still have 101 soft call protection for six months.
Recommitments were scheduled to be due at noon ET on Friday, the source added.
The company’s credit facilities also include a $400 million five-year revolver (B1/B) and a £330 million pre-placed eight-year second-lien term loan.
JPMorgan Chase Bank and Citigroup Global Markets Inc. are the physical bookrunners on the deal, with JPMorgan the left lead on the U.S. loan and Citigroup the left lead on the euro loan. Deutsche Bank is a lead bookrunner. Bank of Ireland, Barclays, HSBC, ING, Jefferies LLC and RBC Capital Markets are bookrunners. JPMorgan is the administrative agent.
Proceeds will be used to help fund the buyout of Dublin-based UDG by Clayton, Dubilier & Rice for £10.80 per share and combination with London-based Huntsworth, an existing CD&R portfolio company, to refinance certain existing debt at Huntsworth and UDG and to pay related fees and expenses.
UDG/Huntsworth is a provider of medical communications, marketing, advisory and packaging services to pharma and biotech clients.
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