Avalign wraps $200 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 24 – Avalign Holdings Inc. (ATI Merger Sub Inc.) completed syndication of its $200 million seven-year first-lien term loan B (B2/B-) in line with talk at Libor plus 450 basis points with no Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

The company’s $325 million of credit facilities also include a $35 million revolver (B2/B-) and a $90 million privately placed second-lien term loan.

KeyBanc Capital Markets and ING are the leads on the deal.

Proceeds will be used with equity to fund the buyout of the company by Linden Capital from Arlington Capital Partners.

Avalign is a Bannockburn, Ill.-based manufacturer of implants and instruments, specialty instrumentation, cutting instruments and delivery systems to the orthopedic medical device and specialty surgical markets.

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