Press Ganey Associates upsizes term loan due 2018 to $391.55 million

By Sara Rosenberg

New York, May 7 - Press Ganey Associates Inc. (PGA Holdings Inc.) increased its first-lien senior secured term loan due April 20, 2018 to $391.55 million from $371.55 million, according to a market source.

Pricing on the loan is Libor plus 325 basis points with a 1% Libor floor and a par offer price.

The loan has 101 soft call protection for six months.

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

Barclays is the lead on the deal.

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 incremental borrowings will be used to pay down second-lien term loan borrowings.

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

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