Aveta $300 million term loan B pricing firms at Libor plus 600 bps

By Sara Rosenberg

New York, April 8 - Aveta Inc.'s $300 million five-year term loan B saw pricing finalize at Libor plus 600 basis points, the wide end of initial talk of Libor plus 575 bps to 600 bps, according to a market source.

As before, the term loan has a 2% Libor floor, is being offered at an original issue discount of 97, and carries call protection of 102 in year one and 101 in year two.

The $360 million credit facility also includes a $60 million five-year revolver.

Bank of America, Citigroup and Jefferies are the lead banks on the deal, with Bank of America the left lead.

Proceeds will be used to refinance existing debt and to fund a dividend payment to shareholders.

Aveta is a Fort Lee, N.J.-based medical management company caring for 232,000 Medicare beneficiaries and about 300,000 commercial members in Puerto Rico, California, Arizona and Illinois.

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