Confluent talks $200 million term loan at Libor plus 475-500 bps

By Sara Rosenberg

New York, June 5 – Confluent Health LLC launched on Wednesday its $200 million seven-year covenant-lite first-lien term loan (B3/B-) with price talk of Libor plus 475 basis points to 500 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc. and Bank of Ireland are the bookrunners on the deal.

Commitments are due at noon ET on June 17, the source added.

Proceeds will be used to help support a significant equity investment in the company by Partners Group on behalf of its clients alongside management. The Edgewater Funds will divest its holding in the company as part of the transaction.

Confluent Health is a Louisville, Ky.-based outpatient physical therapy provider.

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