Waystar cuts spread on $620 million term loan B to Libor plus 400 bps

By Sara Rosenberg

New York, Sept. 15 – Waystar (Navicure) reduced pricing on its non-fungible $620 million incremental first-lien term loan B (B2/B-/B+) due October 2026 to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.

Also, the original issue discount on the term loan was revised to 99.75 from revised talk of 99.5 and initial talk of 98.5, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to fund the acquisition of eSolutions, a revenue cycle technology company, from Francisco Partners.

Closing is expected this year, subject to customary conditions and approvals.

Waystar is a provider of health care payments software. The company is backed by EQT, Canada Pension Plan Investment Board and Bain Capital.

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