BrightSpring launches $2.57 billion term B at SOFR plus 300-325 bps

By Sara Rosenberg

New York, Feb. 7 – BrightSpring Health Services Inc. (Phoenix Guarantor Inc.) launched on Wednesday morning a $2.566 billion senior secured covenant-lite first-lien term loan B due February 2031 (B1/B+) that is talked at SOFR plus 300 basis points to 325 bps with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. and KKR Capital Markets are leading the arranger group. Morgan Stanley is the agent.

Commitments are due at noon ET on Tuesday, the source added.

Proceeds will be used to refinance an existing first-lien facility.

Recently, the company priced an initial public offering of common stock and concurrent offering of tangible equity units, and used the proceeds to repay revolving credit facility borrowings, some of its first-lien term loan and its second-lien term loan in full, as well as to make required payments in connection with the termination of its monitoring agreement with Kohlberg Kravis Roberts & Co. LP and Walgreens Boots Alliance Inc.

BrightSpring Health is a Louisville, Ky.-based provider of home and community-based health services.

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