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Duly Health increases incremental term loan size to $80 million
By Sara Rosenberg
New York, Nov. 18 – Duly Health & Care (Midwest Physician Administrative Services LLC) upsized its fungible incremental covenant-lite first-lien term loan due March 2028 to $80 million from $40 million, according to a market source.
Pricing on the incremental term loan is Libor plus 325 basis points with a 0.75% Libor floor, in line with existing term loan pricing, and the debt has an original issue discount of 99.5.
Credit Suisse Securities (USA) LLC is the lead arranger on the deal.
Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.
Proceeds will be used to fund tuck-in acquisitions and refinance revolving credit facility borrowings.
Duly Health, formerly known as DuPage Medical Group, is a Downers Grove, Ill.-based multi-specialty physician group.
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