Zelis readies launch of $850 million of term loans for Wednesday

By Sara Rosenberg

New York, Sept. 21 – Zelis Payments Buyer Inc. is set to hold a lender call at 2:30 p.m. ET on Wednesday to launch $850 million of term loans, according to a market source.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

The debt consists of a $550 million senior secured term loan B and a $300 million delayed-draw term loan, the source said.

Proceeds from the term loan B will be used to fund the acquisition of Sapphire Digital as well as transaction fees and expenses, and the delayed-draw term loan will be used to fund future acquisitions, capital expenditure, or other investments, and the payment of related fees and expenses.

Closing is expected in the fourth quarter.

Zelis is a Bedminster, N.J.-based health care and financial technology company. Sapphire is a provider of a health care consumer shopping and navigation platform.

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