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HPS to Lead Over $500M Private Credit Deal to Refi Cordis’ Existing BSL Debt
HPS Investment Partners is leading a more than $500 million private credit financing for Hellman & Friedman-backed Cordis to refinance its existing broadly syndicated loan debt, according to sources.
The new facility for the cardiovascular device maker comes with aggressive pricing, in the range of SOFR+450 bps to 500 bps, according to sources. Proceeds will refinance the borrower’s existing broadly syndicated loan debt maturing in 2028, which was originally arranged by Deutsche Bank, sources added.
The original $450 million first lien term loan B due 2028 is priced at SOFR+450 bps and was originally issued in 2021, according to Solve. In December 2024, Cordis also priced an $85 million incremental loan to the offering at SOFR+450 bps and 99 OID.
The deal’s pricing roughly aligns with average spreads for healthcare refinancing deals in the third quarter, which stood at SOFR+508.3 bps, dropping from the second quarter’s SOFR+552.8 bps, according to Octus’ Private Credit Dashboard.
Cordis is a developer of interventional cardiovascular and endovascular technologies with more than 60 years of history, according to its website. The company advances patient outcomes through in-house innovation, its CordisX incubator and targeted acquisitions.
In 2021, private equity firm Hellman & Friedman bought the Miami Lakes, Fla.-based company for $1 billion from Cardinal Health, a global healthcare services company, according to a press release.
To strengthen its position in drug-eluting technology, which slowly releases sirolimus to keep blood vessels open after treatment, Cordis purchased Swiss-based drug-eluting balloon technology company MedAlliance in 2023, according to a separate press release.
Cordis’ existing 2028 loan was last quoted in the secondary today, Oct. 7, at 99.75/100.75, according to Solve.
A list of Cordis’ CLO lenders can be found HERE.
Elsewhere, Octus recently reported that Vista Equity Partners-backed Accelya, an airline software developer, priced its $600 million first lien term loan refinancing at SOFR+525 bps with a 98 OID. The Deutsche Bank-led seven-year deal refinances the company’s private credit debt and is priced wider than initial talk.
Hellman & Friedman and HPS declined to comment. Cordis did not respond to requests for comment.
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