Press Ganey talks $1.83 billion term loan B at SOFR plus 375-400 bps

By Sara Rosenberg

New York, April 17 – Press Ganey (Azalea TopCo Inc.) launched on Wednesday its $1.825 billion seven-year term loan B (B-) with price talk of SOFR plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Barclays is the lead on the deal and the administrative agent.

Commitments are due at 5 p.m. ET on April 24.

Proceeds will be used to repay revolving credit facility borrowings, first-lien term loans and second-lien notes, and to redeem series A preferred stock, including fees and expenses.

Press Ganey is a provider of mission-critical experience management solutions for health care providers and payors, pharmaceutical companies and other complex industries outside the health care industry.

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