Press Ganey to launch $1.5 billion credit facilities on July 9

By Sara Rosenberg

New York, July 2 – Press Ganey Associates Inc. (Emerald TopCo Inc.) will hold a bank meeting at 10 a.m. ET on July 9 to launch $1.5 billion of credit facilities, according to a market source.

Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, BMO Capital Markets and Deutsche Bank Securities Inc. are the arrangers on the deal.

The facilities consist of a $250 million revolver and a $1.25 billion seven-year first-lien term loan, the source said.

Amortization on the term loan is 1% per annum with a bullet at maturity.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners LP and Ares Management Corp.

Other funds for the transaction will come from $453 million of second-lien notes that were privately placed with Goldman Sachs Merchant Banking Division and GIC.

Closing is expected in the third quarter, subject to customary approvals.

Press Ganey is a South Bend, Ind.-based provider of patient experience measurement and performance improvement solutions to health care organizations.

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