Vyaire Medical ups $360 million term B spread to Libor plus 475 bps

By Sara Rosenberg

New York, April 5 – Vyaire Medical Inc. raised pricing on its $360 million seven-year covenant-light first-lien term loan B (B2/B-) to Libor plus 475 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

In addition, the original issue discount talk on the term loan was changed to a range of 96 to 97 from 99.5 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

Bank of America Merrill Lynch, RBC Capital Markets, ING, Natixis and Mizuho are the lead arrangers on the deal.

Commitments are due at noon ET on Friday, the source added.

Allocations are expected next week.

Proceeds will be used along with a new $90 million second-lien term loan (Caa2/CCC) to finance Apax’s acquisition of the existing minority shareholder’s stake in the company and to fund contemplated acquisitions.

Vyaire Medical is a Mettawa, Ill.-based pure play medical device company in the respiratory space.

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