Aegis Toxicology talks $320 million term B at Libor plus 500-525 bps

By Sara Rosenberg

New York, April 13 – Aegis Toxicology Sciences Corp. launched on Friday its $320 million seven-year first-lien term loan B with price talk of Libor plus 500 basis points to 525 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Also included in the term loan is a maximum net total leverage covenant and an excess cash flow sweep of 75% when net total first-lien leverage is more than 4.25 times, with steps.

The company’s $370 million of senior secured credit facilities also provide for a $50 million five-year revolver.

Morgan Stanley Senior Funding Inc., SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC and Fifth Third are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on April 26, the source added.

Proceeds will be used to refinance existing debt.

Aegis Toxicology is a Nashville, Tenn.-based laboratory sciences company.

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