Press Ganey launches $371.55 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, April 29 - Press Ganey Associates Inc. (PGA Holdings Inc.) launched on Monday its $371.55 million first-lien senior secured term loan due April 20, 2018 with price talk of Libor plus 325 basis points with a 1% Libor floor and a par offer price, according to a market source.

The loan has 101 soft call protection for six months, the source said.

Barclays is the lead on the deal.

Covenants include a maximum senior secured net leverage ratio and a minimum interest coverage ratio.

Proceeds will be used to reprice an existing $341.55 million first-lien term loan from Libor plus 400 bps with a 1.25% Libor floor, and the $30 million of incremental borrowings will be used to repay a portion of the company's existing second-lien term loan.

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

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