UBS rolled the second lien into the first lien as an opportunistic refinancing for Sterigenics, a provider of sterilization and ionization services for the healthcare and food safety industries. The result was a $217 million term loan that will continue to be priced at LIBOR plus 3%. A $35 million revolver, also priced at LIBOR plus 3%, will remain.
The facility initially launched in April 2004 to back PPM Ventures and PPM America Capital Partners' acquisition of the company from Ion Beam Applications. At launch it consisted of the $35 million revolver, a $170.5 million term loan and a $35 million second-lien term loan. Price talk was LIBOR plus 3% on the revolver and term loan and LIBOR plus 6 1/4% on the second lien. Calls to PPM officials and Fred Ruegsegger, cfo, were not returned.