Team Health shops extended term loan at SOFR plus 450 bps

By Sara Rosenberg

New York, Feb. 9 – Team Health is seeking to extend its term loan B to February 2027 from February 2024 and is talking the extended debt at SOFR plus 450 basis points with a 1% floor and an original issue discount of 99.5, according to a market source.

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

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at 5 p.m. ET on Feb. 15, the source added.

The term loan is currently sized at $2.619 billion but the company may pay down up to $300 million of the debt with the extension.

Team Health is a Knoxville, Tenn.-based physician services organization.

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