Waystar launches $2.2 billion term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, Jan. 29 – Waystar held a lender call at 1 p.m. ET on Monday to launch a $2.2 billion first-lien term loan due May 2029 that is talked at SOFR plus 400 basis points with a 25 bps step-down at 0.5x inside closing leverage and a 25 bps step-down upon an initial public offering, a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank, Barclays, BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA and RBC Capital Markets are the leads on the deal.

Commitments are due at noon ET on Feb. 6, the source added.

Proceeds will be used to refinance an existing $1.731 billion first-lien term loan due 2026 and a $469 million privately placed second-lien term loan due 2027.

Waystar is a provider of health care payments software.

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