ICON launches $2.98 billion term loan B at SOFR plus 200 bps

By Sara Rosenberg

New York, Feb. 27 – ICON plc was scheduled to hold a lender call at noon ET on Tuesday to launch a $2.976 billion term loan B due July 2028 that is talked at SOFR plus 200 basis points with no CSA, a 0.5% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are Baa3/BBB-.

Citigroup Global Markets Inc. is the left lead arranger and the administrative agent on the deal.

Proceeds will be used to reprice an existing term loan B down from SOFR+CSA plus 225 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments from existing lenders are due at 5 p.m. ET on March 6, and new lender commitments are due at noon ET on March 7, the source added.

Closing is expected during the week of March 11.

ICON is a Dublin-based provider of outsourced drug and device development and commercialization services to the pharmaceutical, biotechnology and medical device industries, and government and public health organizations.

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