Banc of America Securities and Deutsche Bank have cut pricing on the pro rata and shifted $500 million from the "B" loan into the "A" loan for the facility backing Fresenius Medical Care's $3.5 billion acquisition of Renal Care Group. Pricing on the pro rata is now LIBOR plus 137.5 basis points from LIBOR plus 1 1/2%.
The five-year, term loan "A" is now $2 billion, up from $1.5 billion due to strong demand on both the "A" loan and the five-year, $1 billion revolver, a banker said. A seven-year, term loan "B" that will launch in the fall was decreased from $2.5 billion to $2 billion.
A Fresenius spokesman could not be reached.