SatelliteFinance understands that aerospace RF semi-conductor developer Microsemi is seeking to refinance the US$800m loan that it secured to help fund its acquisition of Canadian counterpart Zarlink Semiconductor back in September 2011.
The new debt…
SatelliteFinance understands that aerospace RF semi-conductor developer Microsemi is seeking to refinance the US$800m loan that it secured to help fund its acquisition of Canadian counterpart Zarlink Semiconductor back in September 2011.
The new debt comprises a US$810m senior term loan paying in the region of 325bp over Libor. As with the previous financing, Morgan Stanley is lead arranger on the deal.
Microsemi completed its US$525m acquisition of Zarlink at the end of October after a protracted sales process that had lasted most of 2011. To fund the deal, Microsemi’s financial adviser Morgan Stanley provided a US$800m seven-year first lien senior secured loan, paying around 450bp over Libor.
Microsemi was not available for further comment on the new loan at the time of going to press.
