NORTH AMERICA

摘要

Medical device maker zimmer is in the market with a US$4.35bn financing via Credit Suisse to back its acquisition of Biomet from a consortium of private equity sponsors. A US$7.66bn 364-day bridge loan to bonds fills out the acquisition financing. The company is syndicating the bridge to a small group of banks. The pro rata portion comprises a fully committed US$3bn five-year term loan and a US$1.35bn five-year revolver. Drawn pricing on the revolver and term loan is 137.5bp over Libor for ratings of BBB/Baa2. The revolver pays 15bp undrawn. If drawn, the bridge loan also pays 137.5bp. However, the bridge loan is expected to be replaced with an investment-grade bond before the acquisition closes and is unlikely to be drawn before that time.