Wound-care company Kinetic Concepts (KC), has altered the structure and proposed rates on part of a financing backing its buyout by Apax Partners, Bloomberg reports. A $2.6 billion term loan B with a seven-year maturity has been reduced to $2.2 billion and a senior secured bridge piece has been hiked by $0.4 billion to $1.65 billion.
The term debt will pay 5.75 percentage points more than the London interbank offered rate. The deal is being managed by Bank of America Corp., Morgan Stanley, Credit Suisse Group and Royal Bank of Canada.
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Kinetic Concepts Credit Suisse Group America Corp. Apax Partners Royal Bank