EyeSouth talks first-lien term loan debt at Libor plus 450 bps

By Sara Rosenberg

New York, March 3 – EyeSouth Partners (SCP Eye Care Services LLC) launched on Wednesday its $375 million seven-year senior secured first-lien term loan and $65 million 18-month commitment period delayed-draw first-lien term loan with price talk of Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The funded and delayed-draw term loans are being sold as a strip.

Included in the term loan is 101 soft call protection for six months.

The delayed-draw ticking fee is half the margin from days 46 to 90 and the full margin thereafter.

The company’s $455 million of credit facilities also provide for a $15 million five-year revolver.

Jefferies LLC is the arranger on the deal.

Commitments are due at 4 p.m. ET on March 11, the source added.

Proceeds will be used to refinance existing debt and finance near-term acquisitions.

EyeSouth is an Atlanta-based provider of practice management services to a network of affiliated ophthalmology practices, specializing in essential treatments for eye health conditions.

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