nThrive TSG lifts term loan B to $500 million, downsizes second-lien

By Sara Rosenberg

New York, Jan. 15 – nThrive TSG (MedAssets Software Intermediate Holdings Inc.) upsized its seven-year covenant-lite first-lien term loan B (B2/B-/BB-) to $500 million from $440 million and scaled back its privately placed second-lien term loan to $120 million from $160 million, according to a market source.

Also, pricing on the first-lien term loan was reduced to Libor plus 375 basis points from talk in the range of Libor plus 425 bps to 450 bps and the original issue discount was revised to 99.5 from 99, the source said.

The first-lien term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets, Jefferies LLC, Antares Capital, BNP Paribas Securities Corp. and Golub Capital are the bookrunners on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from nThrive Holdings LP.

The $20 million of overall incremental proceeds raised through the first-lien term loan upsizing will be used to fund cash on the balance sheet.

nThrive TSG is a provider of health care revenue cycle management software-as-a-service solutions.

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