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Global Healthcare $110 million credit facility to launch Friday
By Sara Rosenberg
New York, Nov. 29 - Global Healthcare Exchange LLC is scheduled to hold a bank meeting on Friday to launch its proposed $110 million senior secured credit facility, according to a market source.
General Electric Capital Corp. is the bookrunner and lead arranger on the deal.
The facility consists of a $25 million revolver and an $85 million term loan, with both tranches talked at Libor plus 250 basis points based on expected ratings of B1/B+, the source said.
Proceeds will be used to help fund the acquisition of Neoforma Inc. Under the agreement, Neoforma's various stockholders will receive $10.00 per share in cash and, if applicable, an equity position in Global Healthcare.
The transaction, which is expected to close in early 2006, is subject to approval by Neoforma's stockholders, financing and other customary conditions.
Global Healthcare Exchange is a Westminster, Colo., provider of an electronic trading exchange open to all health care providers, suppliers and manufacturers. Neoforma is a San Jose, Calif., supply chain management services provider for the health care industry.
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