InnovaCare to launch $550 million covenant-lite seven-year term loan on Wednesday

By Paul A. Harris

Portland, Ore., Oct. 1 – Dealers scheduled a bank meeting to launch InnovaCare’s $550 million seven-year covenant-lite first lien term loan (expected ratings B1/B+) at 10 a.m. ET on Wednesday, according to a market source.

Credit Suisse and Goldman Sachs are the arrangers.

Pricing remains to be determined. There is a 0% Libor floor.

The loan features 101 soft call protection for six months.

Proceeds will be used to fund the acquisition of the Fort Lee, N.J.-based health care solutions provider by Summit Partners.

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