Sotera Health closes $1.51B term loan and $750M notes, refinances existing debt, expects $5M interest savings in 2024

Sotera Health Co

Closed $1.509B Term Loan B (SOFR+3.25% or ABR+2.25%, 0% floor) and $750M 7.375% senior secured notes, both due 2031.
Proceeds from financings plus cash on hand used to refinance $1.76B and $496.3M existing term loans due 2026; prior credit agreement terminated.
2024 interest expense guidance reduced to $165M-$175M from prior range due to ~$5M annualized savings from lower rates.
Term loan amortizes at 1% per year ($15.1M annually) with balance due in 2031; notes may be redeemed at stated premiums starting June 2027.
Covenants limit dividends, additional debt, liens, investments, and asset sales; covenants suspend if notes achieve investment-grade rating.

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