Median to launch €500 million, £250 million term loans on Thursday

By Sara Rosenberg

New York, Sept. 22 – Median BV is scheduled to hold a lender meeting at 5 a.m. ET on Thursday to launch a €500 million six-year covenant-lite term loan B and a £250 million six-year covenant-lite term loan B, according to a market source.

Barclays, Goldman Sachs and SEB are the joint global coordinators on the deal (B/B+) and mandated lead arrangers with Bank of Ireland and Natwest. Barclays is the administrative agent.

Price talk on the euro term loan is Euribor plus 475 basis points to 500 bps with a 0% floor and an original issue discount of 99, and talk on the pound term loan is Sonia plus 575 bps to 600 bps with a 0% floor and a discount of 99, the source said.

There is an ESG ratchet on the term loans that include two quality of care related key performance indicators and one emission based key performance indicator.

The term loans have 101 soft call protection for six months.

Commitments are due at 7 a.m. ET on Oct. 7, the source added.

Proceeds will be used to refinance the combined capital structure of Priory Group and Median, and to support the acquisition of Median by Waterland’s continuation fund from Advent International and Marcol.

Median is a Germany-based rehabilitation and behavioral health services provider. Priory is a provider of behavioral health care services in the United Kingdom.

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