Investors gained some concessions on the repricing of Alaris Medical Systems' $235 million "B" loan by Citibank. Pricing was cut 25 basis points to LIBOR plus 212%, though it was expected to go down to LIBOR plus 214%, according to a loan manager. William Bopp, Alaris' senior v.p. and cfo, previously told LMW that he understands that investors are being pressured by the spate of repricings in the market, and he concedes that investors "are having a bit of an issue with the spread" (LMW, 11/24). The repricing also has call protection at 101, the loan manger said. "[Investors] did request call protection. They are in a difficult situation and we felt it was a reasonable request," Bopp said last month. UBS is also a lead on the bank deal. Calls to Citi bankers were not returned.
Alaris Investors Gain Concessions
Investors gained some concessions on the repricing of Alaris Medical Systems' $235 million "B" loan by Citibank.