Waystar revises $2.2 billion first-lien term loan OID to 99.875

By Sara Rosenberg

New York, Feb. 5 – Waystar changed the original issue discount on its $2.2 billion first-lien term loan due May 2029 (B3/B-/BB-) to 99.875 from 99.5, according to a market source.

Pricing on the term loan remained at SOFR plus 400 basis points with a 25 bps step-down at 0.5x inside closing leverage and a 25 bps step-down upon an initial public offering, and a 0% floor.

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

JPMorgan Chase Bank, Barclays, BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA and RBC Capital Markets are the leads on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Monday, the source added. The original commitment deadline had been scheduled for noon ET on Tuesday.

Proceeds will be used to refinance an existing $1.731 billion first-lien term loan due 2026 and a $469 million privately placed second-lien term loan due 2027.

Waystar is a provider of health care payments software.

© 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.