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