Aldevron talks add-on term loan, repricing at Libor plus 350-375 bps

By Sara Rosenberg

New York, Jan. 25 – Aldevron LLC launched on Monday its $40 million add-on covenant-lite term loan B due October 2026 and repricing of its existing $833,948,747 covenant-lite term loan B due October 2026 with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and a par issue price, according to a market source.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal.

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

Proceeds from the add-on term loan will be used to repay some second-lien term loan borrowings and pay fees and expenses related to the transaction, and the repricing will take the existing term loan down from Libor plus 425 bps with a 1% Libor floor.

EQT Partners AB and TA Associates are the sponsors.

Aldevron is a Fargo, N.D.-based supplier of nucleic acids, proteins and antibodies.

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