Credit Suisse and Bank of America are in the market with a $250 million deal for Sybron Dental Specialties. The loan, which refinances a previous credit, is a five-year, $250 million revolving credit facility. Pricing on the revolver is LIBOR plus 62.5 basis points. The deal launched on March 2.
The previous $350 million deal, which launched in May 2002, comprised a five-year, $250 million revolver and a seven-year, $200 million term loan "B." Pricing on the revolver was LIBOR plus 2 1/4% and LIBOR plus 2 3/4% on the "B" tranche.
Moody's Investors Service assigned a Ba2 rating to the deal while Standard & Poor's assigned a BB+ rating. Based in Newport Beach, Calif., Sybron is a manufacturer of dental implants and infection prevention products. Their clients include the dental and orthodontic industries. A spokesman at Sybron declined comment as did bankers at B of A. A call to Credit Suisse was not returned.