Sharp Services lifts term loan to $245 million, revises OID to 98.5

By Sara Rosenberg

New York, Aug. 4 – Sharp Services LLC upsized its non-fungible incremental first-lien term loan B due December 2028 to $245 million from $211.4 million and changed the original issue discount to 98.5 from 98, according to a market source.

Pricing on the term loan remained at SOFR plus 450 basis points with a 0.5% floor.

The incremental term loan has 101 soft call protection for six months.

JPMorgan Chase Bank and RBC Capital Markets are co-leads on the deal and bookrunners with Barclays, Citigroup Global Markets Inc. and ING.

Proceeds will be used with cash on hand and equity to fund the acquisition of the remaining 75% stake in Berkshire Sterile Manufacturing, a provider of specialized isolator-based sterile filling of vials, syringes, cartridges and containers, as well as lyophilization and terminal sterilization to small, medium and virtual pharma and biotech companies.

Sharp Services is a provider of pharmaceutical packaging and clinical services.

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