ExamWorks trims $1.7 billion term loan talk to Libor plus 325-350 bps

By Sara Rosenberg

New York, Oct. 6 – ExamWorks revised price talk on its $1.7 billion seven-year first-lien term loan (B1/B) to a range of Libor plus 325 basis points to 350 bps from Libor plus 375 bps, according to a market source.

Also, the first-lien term loan now has one pricing step-down instead of two, the source said.

The first-lien term loan is still talked with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments continue to be due at noon ET on Thursday, the source added.

The company is also getting a $540 million privately placed second-lien term loan.

BofA Securities Inc., Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc., Truist, Nomura, Jefferies LLC, BNP Paribas Securities Corp. and Societe Generale are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by CVC Capital Partners. The company’s current owners, Leonard Green & Partners LP and GIC, will retain significant equity stakes in the business.

Closing is expected this year, subject to customary conditions and receipt of required regulatory approvals.

ExamWorks is an Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, record retrieval, document management and related services.

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