Vitera Healthcare Solutions pulls $365 million credit facility

By Sara Rosenberg

New York, July 9 - Vitera Healthcare Solutions decided to withdraw its $365 million credit facility from market, according to a market source.

The facility consisted of a $25 million five-year revolver (B2/B), a $255 million seven-year first-lien term loan (B2/B) and an $85 million eight-year second-lien term loan (Caa2/CCC+).

The first-lien term loan was talked at Libor plus 450 basis points to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan was talked at Libor plus 825 bps to 875 bps with a 1% Libor floor, a discount of 98½ and call protection of 102 in year one and 101 in year two.

Syndication of the deal had been successful at slightly wider levels than the talk, but the company decided to wait for more favorable market conditions, the source explained.

Jefferies Finance LLC and BMO Capital Markets were leading the deal.

Proceeds were going to be used to refinance existing debt and fund the acquisition of SuccessEHS, which will now instead be funded with equity, the source added.

Vitera is a Tampa, Fla.-based provider of ambulatory electronic health records and practice management software and services.

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