Option Care sets $250 million add-on, repricing at Libor plus 375 bps

By Sara Rosenberg

New York, Jan. 19 – Option Care Health Inc. firmed pricing on its $250 million add-on term loan and repricing of its existing $915.7 million term loan at Libor plus 375 basis points, the low end of the revised talk of Libor plus 375 bps to 400 bps, according to a market source.

Initially the add-on was talked at Libor plus 450 bps and a repricing of the existing term loan was not planned.

Furthermore, the original issue discount on the add-on term loan finalized at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk of 99.5, the source said.

The term loan debt has a 0% Libor floor, and the repricing has a par issue price.

BofA Securities Inc. is the lead on the deal.

Proceeds from the add-on will be used to repay existing second-lien PIK notes, and the repricing will take the existing term loan spread down from Libor plus 450 bps.

Option Care is a Bannockburn, Ill.-based provider of home and alternate treatment site infusion therapy services.

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