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Omnia lifts term loan to $1.65 billion, flexes to SOFR plus 425 bps
By Sara Rosenberg
New York, July 18 – Omnia Partners LLC upsized its seven-year first-lien term loan to $1.65 billion from $1.625 billion, according to a market source.
Also, pricing on the term loan as well as on the company’s $155 million delayed-draw first-lien term loan was reduced to SOFR plus 425 basis points from talk in the range of SOFR plus 450 bps to 475 bps, and the original issue discount talk was revised to a range of 98.5 to 99 from a range of 97.5 to 98, the source said.
In addition, some changes were made to documentation.
The term loan debt still has a 0% floor and 101 soft call protection for six months.
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 now $2.055 billion of credit facilities, up from $2.03 billion, 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.
Recommitments are due at 11 a.m. ET on Wednesday, 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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