Global Healthcare launches $10 million add-on first-lien term loan

By Sara Rosenberg

New York, Aug. 9 – Global Healthcare Exchange LLC launched on Tuesday a fungible $10 million add-on first-lien term loan with original issue discount talk of 99.75, according to a market source.

Pricing on the add-on first-lien term loan is Libor plus 425 basis points with a 1% Libor floor, in line with pricing on the existing $415 million first-lien term loan B, the source said.

The company is also getting a privately placed $135 million second-lien term loan.

Proceeds from the add-on first-lien loan and second-lien term loan will be used to fund a shareholder distribution to private equity owner Thoma Bravo.

In addition, the company launched an amendment to its existing credit agreement to allow for the distribution and reset the total net leverage covenant, the source continued.

Lenders are being offered a 12.5 bps amendment fee.

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

Consents and commitments are due on Aug. 16, the source added.

Corporate family ratings are expected to be affirmed at B2/B.

Global Healthcare Exchange is a Louisville, Colo.-based provider of SaaS/cloud-based supply-chain-automation technology and services to the health care sector.

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