Natus Medical $412.6 million first-lien term loan frees to trade

By Sara Rosenberg

New York, July 5 – Natus Medical Inc. (Prince MergerCo Inc.) allocated on Tuesday its first-lien term loan and the debt broke for trading bid in line with its original issue discount.

The company’s $412,631,578.95 seven-year first-lien term loan was quoted at 93 bid, 94 offered, a market source remarked.

Pricing on the term loan is SOFR+CSA plus 550 basis points with a 25 bps leverage-based step-down and a 0.5% floor. The loan was sold at an original issue discount of 93 and has 101 soft call protection for six months, another source added. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The company’s $462,631,578.95 (B3/B) of credit facilities also include a $50 million five-year revolver.

Natus leads

Jefferies LLC, Blackstone, MidCap, UBS Investment Bank and Credit Agricole are the arrangers on Natus Medical’s credit facilities.

Proceeds will be used to help fund the buyout of the company by ArchiMed SAS, an investment firm focused exclusively on the healthcare industry, for $33.50 in cash per share in a transaction valued at about $1.2 billion.

Closing is expected in the third quarter, subject to customary conditions, including approval by Natus shareholders and receipt of regulatory approvals.

Natus Medical is a Middleton, Wis.-based provider of medical device solutions to screen, diagnose, and treat disorders affecting the brain, neural pathways, and eight sensory nervous systems.

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