Omnia launches $1.78 billion of term loans at SOFR plus 450-475 bps

By Sara Rosenberg

New York, July 10 – Omnia Partners LLC launched on Monday its $1.625 billion seven-year first-lien term loan and $155 million first-lien delayed-draw term loan with price talk of SOFR plus 450 basis points to 475 bps with a 0% floor and an original issue discount of 97.5 to 98, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Delayed-draw term loan availability is up to six months after closing, subject to first-lien net leverage of 6x or less.

Ticking fees on the delayed-draw term loan are half the margin from days 46 to 90 and the full margin thereafter.

The first-lien term loan and delayed-draw term loan will trade as a strip.

The company’s $2.03 billion of credit facilities (B2/B) also include a $250 million revolver.

Barclays, Fifth Third, Brinley, BNP Paribas Securities Corp., Citizens, UBS Investment Bank, Jefferies LLC and Golub Capital are the joint lead arrangers on the deal.

Commitments are due at noon ET on July 20, the source added.

Proceeds will be used to fund the acquisition of Premier Inc.’s non-health care group purchasing organization operations for about $800 million, to refinance in full the company’s existing debt, for general corporate purposes and to pay related fees and expenses.

Closing on the acquisition is expected by early August, subject to regulatory approval and customary conditions.

Omnia, owned by TA Associates, Leonard Green & Partners and management, is a Franklin, Tenn.-based non-health care group purchasing organization.

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