Mediq launches €500M term loan, sets bank meeting

Mediq B.V., a European provider of medical equipment and services, has launched a €500 million term loan B to refinance debt, fund acquisitions and for general corporate purposes.

The new seven-year cov-lite deal is led by joint global coordinators and physical bookrunners BNP Paribas, HSBC and UBS. A bank meeting has been scheduled for 11 a.m. U.K. time on Feb. 15, and commitments are due on Feb. 24.

ING is a joint physical bookrunner on the deal, while Danske Bank is a joint bookrunner.

The transaction will carry six months of 101 soft-call protection.

Utrecht-based Mediq operates in 13 European countries. It has been owned by Advent International since 2013. The firm has made a number of recent add-on acquisitions, and in January it announced the takeover of Swiss medical-device distributor GD Medical and Hungary’s Replant 4 Care.

Mediq was last in the market in 2016, pushing the maturities of its TLB-1, TLB-2 and TLA out to February 2022, and adding a €225 million TLB-3 fungible add-on to fund a dividend. This 2022 facility was quoted in the secondary market in a 100/100.625 context this morning.