R1 RCM launches $540 million term loan B at SOFR plus 300 bps

By Sara Rosenberg

New York, April 28 – R1 RCM Inc. launched on Thursday its $540 million seven-year senior secured term loan B (Ba2/B+/BBB-) with price talk of SOFR+10 basis points CSA plus 300 bps with a 0.5% floor and an original issue discount of 98.5 to 99, according to a market source.

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

Barclays, JPMorgan Chase Bank, BofA Securities Inc., Capital One, Wells Fargo Securities LLC, US Bank, KeyBanc Capital Markets, PNC, Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc. and Fifth Third are the bookrunners on the deal. BofA is the administrative agent.

Commitments are due at noon ET on May 11, the source added.

Proceeds will be used to help fund the acquisition of Cloudmed, an Atlanta-based provider of revenue intelligence solutions for health care providers, from New Mountain Capital.

Closing is expected this quarter, subject to customary conditions.

R1 RCM is a Murray, Utah-based provider of technology-driven solutions that transform the patient experience and financial performance of health care providers.

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