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Cooper obtains five-year $1.5 billion term loan facility
By Wendy Van Sickle
Columbus, Ohio, Dec. 17 – Cooper Cos. entered into a $1.5 billion five-year term loan on Friday with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The term loan is to be used in the company’s acquisition of Generate Life Sciences, a privately held leading provider of donor egg and sperm for fertility treatments, fertility cryopreservation services and newborn stem cell storage.
The company many increase the commitments or establish a new term loan under the credit agreement in an amount up to $1,125,000,000.
The term loan will mature on Dec. 17, 2026. It is not subject to amortization.
Borrowings will bear interest at Libor plus 75 basis points initially, with the margin subject to rise to up to 150 bps, based on the company’s ratio of consolidated net indebtedness to consolidated EBITDA.
PNC Capital Markets, LLC, Keybanc Capital Markets Inc., TD Securities (USA) LLC, Bank of Nova Scotia and U.S. Bank NA are the bookrunnners, lead arrangers and syndication agents.
Bank of America, NA, Citibank, NA, Citizens Bank, NA, DNB Bank ASA, New York Branch, Mizuho Bank, Ltd. and Wells Fargo Bank, NA are the documentation agents.
Cooper is a medical device company based in Pleasanton, Calif.
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