DuPage Medical sets final terms on $650 million term loan

By Paul A. Harris

Portland, Ore., March 5 – DuPage Medical Group (Midwest Physician Administrative Services LLC) finalized its $650 million seven-year covenant-lite first-lien term loan with 325 basis points spread to Libor at 99.5.

The spread is subject to a 25 bps step after 0.5-times deleveraging in first-lien net leverage.

The spread came at the tight end of the 325 bps to 350 bps spread talk. The issue price came on top of price talk.

The spread floats atop a 0.75% Libor floor. The loan has 101 soft call protection for six months.

The company’s $750 million of credit facilities (B2/B) also include a $100 million revolver.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments were due at noon ET on March 5.

Proceeds will be used with balance sheet cash to refinance first- and second-lien term loans and pay a distribution.

DuPage is a Downers Grove, Ill.-based multi-specialty physician group.

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