Upstream Rehab revises $310 million incremental loan OID to 99.75

By Sara Rosenberg

New York, July 21 – Upstream Rehab (Upstream Holdco Inc.) tightened the original issue discount on its fungible $310 million covenant-lite incremental first-lien term loan (B2/B) due November 2026 to 99.75 from 99.5, according to a market source.

The incremental term loan and repriced $573 million covenant-lite first-lien term loan (B2/B) due November 2026 are priced at Libor plus 425 basis points with a 25 bps step-down at 5.65x total net leverage and a 0% Libor floor.

The repriced term loan is offered at par.

All of the term loan debt has 101 soft call protection for six months.

Earlier in syndication, pricing on the incremental term loan was lowered from Libor plus 450 bps and the repricing of the existing term loan from Libor plus 450 bps was added to the transaction.

Credit Suisse Securities (USA) LLC is the lead on the deal.

Commitments continued to be due at 5 p.m. ET on Wednesday, the source added.

Proceeds from the incremental term loan will be used to fund the acquisition of Results Physiotherapy, a Nashville-based provider of physical therapy services.

Upstream Rehab is a Birmingham, Ala.-based provider of outpatient rehabilitation services.

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