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Upstream Rehab trims incremental term loan spread, adds repricing
By Sara Rosenberg
New York, July 20 – Upstream Rehab (Upstream Holdco Inc.) lowered pricing on its fungible $310 million covenant-lite incremental first-lien term loan (B2/B) due November 2026 to Libor plus 425 basis points from Libor plus 450 bps, according to a market source.
Also, the company is now seeking to reprice its existing $573 million covenant-lite first-lien term loan (B2/B) due November 2026 to Libor plus 425 bps from Libor plus 450 bps, the source said.
The term loan debt still includes a 25 bps step-down at 5.65x total net leverage and a 0% Libor floor.
Original issue discount talk on the incremental term loan remained at 99.5, and the repricing is offered at par.
As before, the incremental and existing term loan are getting 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead on the deal.
Commitments continue to be due at 5 p.m. ET on Wednesday, the source added.
Proceeds from the incremental term loan will be used to fund the acquisition of Results Physiotherapy, a Nashville-based provider of physical therapy services.
Upstream Rehab is a Birmingham, Ala.-based provider of outpatient rehabilitation services.
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