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QoLmeds/Genoa launches $285 million term loan at Libor plus 500 bps
By Sara Rosenberg
New York, June 24 – QoLmeds/Genoa Healthcare launched on Tuesday its $285 million six-year covenant-light term loan with price talk of Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
In addition to the term loan, the $315 million credit facility (B2/B) includes a $30 million five-year revolver.
Commitments are due on July 8, the source said.
Jefferies Finance LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.
Proceeds will be used to help fund QoLmeds’ acquisition of Genoa.
Other funds for the transaction will come from equity.
QoLmeds, owned by Nautic Partners, is a Pittsburgh-based specialty pharmacy serving the mental health community. Genoa is a Tukwila, Wash.-based provider of pharmacy, phlebotomy and laboratory services.
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