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Allscripts upsizes term loan to $400 million, revolver to $900 million
By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Allscripts Healthcare Solutions, Inc. entered into a second amended and restated credit agreement on Thursday providing for an upsized $400 million term loan and an upsized $900 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
Previously, the term loan was $250 million and the revolver was $550 million.
Each tranche has a five-year term maturing on Feb. 15, 2023.
Borrowings initially bear interest at Libor plus 200 basis points with the margin set to range from 150 bps to 225 bps, depending on total leverage ratio.
The revolving commitment fee ranges from 20 bps to 35 bps.
The term loan is repayable in quarterly installments beginning on June 30.
The revolver has a $50 million sublimit for letters of credit, a $10 million sublimit for swingline loans and a $100 million sublimit for foreign currency borrowings.
Allscripts must maintain a minimum interest coverage ratio of 3.5 times and a maximum total leverage ratio of 4.25 times.
Proceeds were used to refinance loans under the existing credit agreement. As of Wednesday, about $510 million was outstanding under the revolver. Future revolver borrowings may be used for working capital and general corporate purposes.
JPMorgan Chase Bank, NA, Fifth Thirds Bank, Keybanc Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC are the lead arrangers and bookrunners.
Bank of America, NA, U.S. Bank, NA, Royal Bank of Canada, Deutsche Bank Securities, Inc. and BMO Harris Bank, NA are the co-documentation agents.
Fifth Third Bank, Keybank NA SunTrust Bank and Wells Fargo Bank, NA are the syndication agents.
JPMorgan is the administrative agent.
Allscripts is a Chicago-based provider of software, connectivity and information services for physicians.
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