Press Ganey Associates increases credit facility size to $470 million

By Sara Rosenberg

New York, April 16 - Press Ganey Associates Inc. upsized its credit facility to $470 million from $445 million, according to a market source.

The upsizing was done through an increase to the revolver (B1/B) to $30 million from $20 million, an increase to the first-lien term loan B (B1/B) to $345 million from $335 million and an increase to the second-lien term loan (Caa1/CCC+) to $95 million from $90 million, the source said.

Pricing on the revolver and first-lien term loan B remained at Libor plus 400 basis points and pricing on the $90 million second-lien term loan stayed at Libor plus 700 bps.

The revolver has no Libor floor, while the first- and second-lien term loans both have a 1.25% floor.

In addition, the revolver is offered with a 100 bps upfront fee and the two term loans are offered at an original issue discount of 99.

The first-lien term loan has 101 soft call protection for one year and the second-lien loan has hard call protection of 102 in year one and 101 in year two.

Barclays Capital Inc., Goldman Sachs & Co. and GE Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing debt. The additional funds will be used to add cash to the balance sheet.

Press Ganey is a South Bend, Ind.-based provider of health care performance improvement services.

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