Embecta to launch $1.65 billion credit facilities on Tuesday

By Sara Rosenberg

New York, Jan. 14 – Embecta Corp. is scheduled to hold a lender call at 10:30 a.m. ET on Tuesday to launch $1.65 billion of senior secured credit facilities, according to a market source.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Citigroup Global Markets Inc., Wells Fargo Securities LLC, MUFG, US Bank and BNP Paribas Securities Corp. are the joint lead arrangers and bookrunners on the deal. Santander, Citizens and PNC Bank are co-documentation agent. Morgan Stanley is the administrative agent.

The facilities consist of a $500 million revolver and a $1.15 billion term loan B, the source said.

Proceeds will be used with $500 million of other senior secured debt to fund the spinoff of the company from Becton, Dickinson and Co., including payment of the cash distribution to Becton, Dickinson, to pay related transaction fees, expenses and original issue discount, and for general corporate purposes.

Closing is expected in the second quarter.

Embecta is a diabetes care company.

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