Medical Card Systems to launch $175 million term loan on Wednesday

By Sara Rosenberg

New York, Aug. 9 - Medical Card Systems is scheduled to hold a bank meeting on Wednesday to launch its proposed $175 million five-year term loan, according to a market source.

Jefferies and Deutsche Bank are the lead banks on the deal.

Price talk on the term loan is in the Libor plus 950 basis points area, with a Libor floor and original issue discount still to be determined, the source said.

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

Senior leverage is 1.6 times.

Medical Card Systems is a managed care provider in Puerto Rico.

© 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.