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Precision Medicine revises add-on term loan talk, adds repricing
By Sara Rosenberg
New York, Feb. 10 – Precision Medicine Group LLC reduced price talk on its fungible $75 million add-on covenant-lite first-lien term loan B due November 2027 to a range of Libor plus 275 basis points to 300 bps from Libor plus 375 bps and set the issue price at par, the tight end of the 99.75 to par talk, according to a market source.
Also, the company added a repricing of its existing $575 million covenant-lite funded term loan B due November 2027 and $75 million covenant-lite delayed-draw term loan due November 2027 that is talked at Libor plus 275 bps to 300 bps with a par issue price, the source said.
In addition, the 101 soft call protection on the term loan debt was changed to six months from through May 18.
The term loan debt has a 0.75% Libor floor and amortization of 1% per annum.
Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Blackstone Securities Partners LP and Mizuho are the joint lead arrangers and bookrunners on the deal.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds from the add-on term loan will be used to repay revolving credit facility drawings incurred in conjunction with an acquisition, fund cash to the balance sheet and pay related transaction fees and expenses, and the repricing will take the existing term loans down from Libor plus 375 bps with a 0.75% Libor floor.
The ticking fee on the delayed-draw term loan will remain at 3.75%.
Precision Medicine is a specialized health care services company that provides product development and commercialization support for pharmaceutical and life sciences businesses.
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