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Solis Mammography revises tranching, widens first-lien pricing
By Sara Rosenberg
New York, March 31 – Solis Mammography (SM Wellness Holdings Inc.) downsized its 18-month commitment delayed-draw first-lien term loan to $25 million from $50 million and added a $25 million privately placed delayed-draw second-lien term loan to the capital structure, according to a market source.
Furthermore, pricing on the first-lien delayed-draw term loan and funded $300 million seven-year first-lien term loan, which are being sold as a strip, was raised to Libor plus 475 basis points from talk in the range of Libor plus 425 bps to 450 bps and the original issue discount on the debt was changed to 99 from 99.5, the source said.
Also, a few changes were made to documentation.
The first-lien term loan debt still has a 25 bps leverage-based step-down, a 0.75% Libor floor, 101 soft call protection for six months, and a ticking fee on the delayed-draw portion of half the margin from days 46 to 90 and the full margin thereafter.
Pricing on the company’s funded $100 million eight-year second-lien term loan (Caa2/CCC) remained at Libor plus 800 bps with a 0.75% Libor floor and a discount of 98.5.
The second-lien term loan has hard call protection of 102 in year one and 101 in year two.
The company’s $475 million of senior secured credit facilities also provide for a $25 million five-year revolver.
Jefferies LLC is the arranger on the deal.
Commitments are due at noon ET on Thursday, the source added.
Proceeds will be used to refinance the company’s existing capital structure.
Solis Mammography is an Addison, Tex.-based provider of mammography and related breast imaging services.
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