RLPC: Bausch & Lomb launches $3.485B credit

NEW YORK, April 19 Thu Apr 19, 2012 2:08pm EDT

NEW YORK, April 19 (Reuters) - Bausch and Lomb has set price talk on its $3.485 billion cross-border loan, which was launched today by Citigroup, sources told Thomson Reuters LPC.

The loan will refinance the company's existing debt and will also support its acquisition of ISTA Pharmaceuticals.

The $2.035 billion covenant-lite U.S. term loan B and $350 million covenant-lite U.S. delayed-draw term loan B are talked at 375-400 basis points over Libor with a 1 percent Libor floor and a discount of 99 cents on the dollar.

Commitments are due May 2.

The rest of the credit is filled out by a $500 million revolver and a $600 million covenant-lite euro term loan B. In late March, Bausch and Lomb said it had received financing commitments for a $350 million add-on term loan to back its acquisition of ISTA Pharmaceuticals.

Citi, JP Morgan, Credit Suisse, Goldman Sachs and Bank of America Merrill Lynch provided the financing commitments. The company is buying ISTA Pharmaceuticals for $500 million.

In October 2007, Bausch and Lomb raised a $1.2 billion term loan backing its leveraged buyout by Warburg Pincus. The loan was priced at 325bp over Libor with a 99.75 original issue discount.

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