Allscripts lifts term A to $470 million, revolver to $250 million

By Sara Rosenberg

New York, July 28 - Allscripts upsized its term loan A to $470 million from $320 million and its revolver to $250 million from $150 million, according to a market source.

In addition, pricing on the two tranches was reduced to Libor plus 300 basis points from Libor plus 325 bps, the source said.

The revolver has a 50 bps unused fee.

As expected, the $250 million term loan B, which was never launched to investors, was officially dropped from the capital structure.

Originally, the deal was outlined as containing one term loan sized at $570 million, but the loan was later divided into an A and a B tranche. It was said from the start that sizes could be moved around based on demand.

JPMorgan, Barclays Capital and UBS are the lead banks on the $720 million credit facility (Ba2/BBB-).

Proceeds from Allscripts' credit facility will be used to fund the buyback of shares from Misys plc.

Pro forma leverage is 2.1 times last 12 months EBITDA.

Subject to certain conditions being met, the buyback of shares is expected to be completed in September or October.

Allscripts is a Chicago-based provider of software, services, information and connectivity services to physicians and other health care providers.

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