According to an 8K filed with the SEC, Jefferies Finance is serving as first lien administrative agent and first lien collateral agent for the repricing of Sotera Health’s first lien term loan facility.

The interest rate spread over LIBOR on the facility was reduced from 450 basis points to 275 basis points, and the facility’s LIBOR floor was reduced from 100 basis points to 50 basis points. The changes will result in an effective reduction in current interest rates of 2.25%.

“We are pleased with the results of this repricing transaction, which we believe to be a reflection of the recently announced steps that the company has taken towards reducing leverage and enhancing the company’s liquidity position, combined with our continued solid operational performance,” Scott J. Leffler, CFO of Sotera Health, said. “At current LIBOR and debt levels, we expect that the improved pricing will result in approximately $40 million of annual cash interest savings and provide us with additional flexibility for investment in key strategic priorities, such as growth initiatives and further deleveraging.”

Sotera Health expects interest savings will be partially offset by cash and non-cash charges associated with the repricing amendment.

Sotera Health is a provider of sterilization solutions, lab testing and advisory services for the healthcare industry.