ExamWorks firms $1.7 billion term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Oct. 7 – ExamWorks finalized pricing on its $1.7 billion seven-year first-lien term loan (B1/B) at Libor plus 325 basis points, the low end of revised talk of Libor plus 325 bps to 350 bps and down from initial talk of Libor plus 375 bps, according to a market source.

As before, the first-lien term loan has one pricing step-down, a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Earlier in syndication, one of two pricing step-downs were removed from the 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 with a $540 million privately placed second-lien term loan 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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