Global Healthcare firms $375 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Aug. 6 – Global Healthcare Exchange LLC set pricing on its $375 million seven-year term loan B at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

Also, a pricing step-down was added to the term loan to Libor plus 425 bps when leverage is below 4 times and the original issue discount was tightened to 99.5 from 99, the source said.

The term loan still has a 1% Libor floor, 101 soft call protection for six months and a total net leverage covenant.

The company’s $400 million credit facility (B2/B) also includes a $25 million revolver.

SunTrust Robinson Humphrey Inc. is the lead on the deal.

Proceeds will be used to refinance existing debt.

Net total leverage is about 4.9 times.

Global Healthcare Exchange is a Louisville, Colo.-based provider of health care supply chain solutions.

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