Innovacare launches $550 million term loan at Libor plus 525-550 bps

By Sara Rosenberg

New York, Oct. 2 – Innovacare (MMM Holdings LLC) launched on Wednesday its $550 million seven-year covenant-lite first-lien term loan with price talk of Libor plus 525 basis points to 550 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

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

The company’s $630 million of credit facilities (B1/B+) also include an $80 million revolver.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Oct. 16.

Proceeds will be used to help fund the buyout of the company by Summit Partners.

Innovacare is a Fort Lee, N.J.-based health care delivery system.

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