| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for FastMed Urgent Care > News item |
FastMed Urgent Care reworks first- and second-lien term loan pricing
By Sara Rosenberg
New York, Feb. 11 – FastMed Urgent Care (Urgent Care Holdings of America LLC) increased pricing on its $400 million first-lien term loan (B2/B-) to Libor plus 550 basis points from talk in the range of Libor plus 450 bps to 475 bps, according to a market source.
Also, the original issue discount talk on the first-lien term loan was revised to a range of 96 to 97 from a range of 98 to 99, the 101 soft call protection was extended to one year from six months and the maturity was shortened to six years from seven years, the source said.
The first-lien term loan still has a 0% Libor floor.
In addition, the company raised pricing on its $125 million second-lien term loan (Caa2/CCC) to Libor plus 950 bps from talk in the range of Libor plus 850 bps to 875 bps and is not disclosing the original issue discount as the debt is being privately placed, the source continued. At launch, the discount on the loan was talked in the range of 97 to 98.
Furthermore, the maturity of the second-lien term loan was shortened to 6.5 years from eight years.
As before, the second-lien term loan has a 0% Libor floor.
The company made significant lender friendly documentation changes to the credit agreement as well.
Barclays, Societe Generale and Antares Capital are the bookrunners on the deal.
Final commitments are due at 5 p.m. ET on Wednesday, the source added.
Proceeds will be used to fund the acquisition of NextCare Holdings Inc.
Closing is subject to regulatory approvals and other customary conditions.
Abry Partners LLC and BlueMountain Capital Management LLC are FastMed’s lead investors.
FastMed is a provider of acute/episodic and preventive health care services. NextCare is provider of urgent care and occupational medical services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.