ConvaTec sets spread on term loans at Libor/Euribor plus 325 bps

By Sara Rosenberg

New York, June 3 – ConvaTec Inc. firmed pricing on its $800 million term loan and $850 million euro-equivalent term loan at Libor/Euribor plus 325 basis points, the low end of the revised Libor/Euribor plus 325 bps to 350 bps talk and down from initial talk of Libor/Euribor plus 350 bps to 375 bps, according to a market source.

Also, the original issue discount on the U.S. term loan was changed to 99.75 from 99.5 and the issue price on the euro term loan was tightened to par from 99.5, the source said.

The term loans still have a 1% floor.

Included in the term loans is 101 soft call protection for six months.

The company’s $1.85 billion credit facility (Ba2) also includes a $200 million revolver due 2020.

Goldman Sachs, J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to refinance an existing credit facility and senior secured notes.

ConvaTec is a Luxembourg-based medical products and technologies company owned by Nordic Capital and Avista Capital Partners.

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