IFLR1000

Warburg Pincus $2.3 billion acquisition of Sterigenics International

17/5/2015
Acquisition finance, High-yield bond/note issue, Private acquisition
Select tab

$ 2.3 billion

Completed

17/5/2015

Overview:

  • Private equity firm Warburg Pincus has acquired a majority stake in Sterigenics International in a $2.3 billion deal.
  • Sterigenics provides sterilization services for the medical products industry.
  • Previous majority shareholder GTCR retained a minority stake in the company.
  • As part of Sterigenics' acquisition and recapitalisation, the company obtained a $1.05 billion term loan and a $172.5 million revolving credit facility.
  • Sterigenics also made a high yield offering of $450 million 6.5% notes due 2023 as part of the recapitalisation.
  • JP Morgan Securities, Jefferies, Barclays Capital and RBC Capital Markets acted as joint lead arrangers and initial purchasers in connection with the financing and debt offering.
  • The acquisition was first announced in March 2015.

Kurt Stumpo - Journalist

Jurisdiction:

United States

Deal types:

Acquisition finance
High-yield bond/note issue
Private acquisition

Practice areas:

Banking
Capital markets : High yield
Private equity
M&A

Governing law:

United States

Industry sector:

Pharmaceuticals and life sciences

Firms:
Cleary Gottlieb Steen & Hamilton

Party: Warburg Pincus (Acquirer)

Lawyers: David Leinwand, Matthew Salerno

Kirkland & Ellis

Party: GTCR Private Equity (Seller)

Party: Sterigenics (Target)

Lawyers: Michael Weed, Sanford Perl

Milbank

Party: JP Morgan Securities (Lead arranger, Initial purchaser)

Party: Jefferies Finance (Lead arranger, Initial purchaser)

Party: Barclays Capital (Lead arranger, Initial purchaser)

Party: RBC Capital Markets (Lead arranger, Initial purchaser)

Lawyer: Paul Denaro

Related deals