FastMed Urgent Care revises loan terms; handful of deals join week’s new issue calendar

By Sara Rosenberg

New York, Feb. 11 – FastMed Urgent Care (Urgent Care Holdings of America LLC) on Monday widened the spread and original issue discount on its first-lien term loan, while also extending the call protection, and increased pricing on its second-lien term loan.

FastMed lifted 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, modified original issue discount talk to a range of 96 to 97 from a range of 98 to 99, extended the 101 soft call protection to one year from six months and shortened the maturity to six years from seven years, according to a market source.

Furthermore, the company increased 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 shortened the maturity to 6.5 years from eight years.

In addition, Millennium Trust Co. (Minotaur Acquisition Inc.), Orchid Orthopedic Solutions and Avison Young Inc. surfaced with new deal plans.

Millennium Trust scheduled a bank meeting for Tuesday to launch $700 million of credit facilities.

Orchid Orthopedic will also hold a bank meeting on Tuesday to launch $585 million of first-lien credit facilities.

Avison Young plans to launch $385 million of credit facilities.

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