Pricing on the $235 million credit for Metrologic Instruments was flexed down 25 basis points on the first lien and 50 basis points on the second lien last week, according to a banker. The deal, which backs Francisco Partners' $398.5 million acquisition of the company, closed last Wednesday. It had not broken for trading by press time.
Led by Morgan Stanley, the deal comprises a five-year, $35 million revolver; a seven-year, $125 million term loan "B" and an eight-year, $75 million second-lien term loan (CIN, 12/1). It originally launched Nov. 29 with pricing set at LIBOR plus 3% on the first lien and LIBOR plus 7% on the second, but was flexed down to LIBOR plus 2 3/4% and LIBOR plus 6 1/2%, respectively.
Based in Blackwood, N.J., Metrologic is a supplier of data capture and collection hardware and image processing software for bar-code scanners. Calls to Michael Coluzzi, cfo, and Andrew Kowal, v.p. at Francisco Partners, were not returned.