SCP Health ups spread on $530 million term loan to Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 22 – SCP Health (Onex TSG Intermediate Corp.) increased pricing on its $530 million seven-year covenant-lite first-lien term loan to Libor plus 475 basis points from Libor plus 425 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 98 from 99.5 and the 101 soft call protection was extended to one year from six months, the source said.

The 0.75% Libor floor on the term loan was unchanged.

The company’s $619 million of credit facilities (B2/B) also include an $89 million revolver.

Credit Suisse Securities (USA) LLC, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC and Truist are the lead arrangers on the deal.

Recommitments are due at noon ET on Tuesday, the source added.

Proceeds will be used with balance sheet cash to refinance existing first- and second-lien term loans.

SCP Health is a Lafayette, La.-based provider of outsourced emergency medicine and hospital medicine services.

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