U.S. Anesthesia cuts spread on add-on term loan B, seeks repricing

By Sara Rosenberg

New York, Jan. 11 – U.S. Anesthesia Partners reduced pricing on its fungible $190 million add-on senior secured term loan B (B1/B) due June 23, 2024 to Libor plus 300 basis points from Libor plus 325 bps and launched a repricing of its existing $948 million senior secured term loan B (B1/B) due June 23, 2024 at talk of Libor plus 300 bps, according to a market source.

Also, the pricing step-down on the add-on term loan to Libor plus 300 bps at 4 times net first-lien leverage was removed, and 101 soft call protection for six months is being added to all of the term loan B debt.

The add-on is still being offered at an original issue discount of 99.75. The repricing is offered at par, the source said.

All of the term loan debt includes a 1% Libor floor.

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., BMO Capital Markets, Capital One and Antares Capital are the lead arrangers on the deal.

Recommitments are due at 5 p.m. ET on Tuesday, the source added.

Proceeds from the add-on will be used for acquisitions, and the repricing will take the existing term loan down from Libor plus 325 bps with a step-down to Libor plus 300 bps at 4 times net first-lien leverage and a 1% Libor floor.

U.S. Anesthesia Partners is a Fort Lauderdale, Fla.-based physician-service organization that focuses on providing anesthesia and pain management services to patients.

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