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Excelitas upsizes first-lien term loan, downsizes second-lien loan
By Sara Rosenberg
New York, Oct. 25 - Excelitas Technologies Corp. increased its seven-year first-lien term loan (B1/B) to $660 million from $620 million and decreased its 71/2-year second-lien term loan to $247 million from $285 million, according to a market source.
Also, the 101 soft call protection on the first-lien term loan was shortened to six months from one year, the source said.
Pricing on the first-lien term loan, which includes a $40 million delayed-draw tranche, is Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99.
Earlier in syndication, the spread on the first-lien term loan firmed at the low end of the Libor plus 500 bps to 525 bps talk and the discount was revised from 981/2.
Amortization on the first-lien term loan is 1% per annum.
As before, the entire second-lien term loan is being taken by KKR.
The company's now $947 million credit facility, up from $945 million, also provides for a $40 million five-year revolver (B1/B).
UBS Securities LLC, Credit Suisse Securities (USA) LLC and MCS Capital Markets are the bookrunners on the deal.
Proceeds will be used to help fund the acquisition of Qioptiq, a Luxembourg-based designer and manufacturer of high performance photonic products and solutions.
The extra $2 million being raised through the changes to the term loan sizes will be used to decrease the equity component of the transaction, the source added.
Closing is expected to occur on Oct. 31.
Excelitas is a Waltham, Mass.-based provider of specialty lighting and sensor components, subsystems and integrated products to OEMs for health, environmental and security segments.
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