Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Envision Pharmaceutical Holdings Inc. > News item |
Envision Pharmaceutical sets talk for $580 million term loans
By Paul A. Harris
Portland, Ore., Sept. 5 - Envision Pharmaceutical Holdings Inc. (Envision Acquisition Co. LLC) set price talk for $580 million of term loans, a market source said on Thursday.
A $405 million seven-year first-lien term loan (B2/B) is talked at Libor plus 400 basis points to 425 bps with a 1% Libor floor at 99. The first-lien tranche has a 101 six-month soft call.
A $175 million eight-year second-lien term loan (Caa2/CCC+) is talked at Libor plus 800 bps to 825 bps with a 1% Libor floor at 98.5. The second-lien tranche has hard calls at 102 in the first year and 101 in the second year.
The $645 million credit facility also has a $65 million five-year revolver.
The deadline is Sept. 18.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead banks on the financing.
Proceeds will be used to help fund the buyout of the company by TPG.
Closing is expected in the fourth quarter, subject to customary conditions and regulatory clearances.
As part of the transaction, management and other senior executives will take a significant minority stake in the company.
Envision is a Twinsburg, Ohio-based full-service pharmacy benefit management company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.