Global Healthcare lifts term loan to $513 million, trims pricing

By Sara Rosenberg

New York, June 21 – Global Healthcare Exchange LLC upsized its seven-year first-lien term loan to $513 million from $488 million and reduced pricing to Libor plus 325 basis points from talk of Libor plus 350 bps to 375 bps, according to a market source.

As before, the term loan has a 25 bps step-down at 4.5 times net first-lien leverage, a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

J.P. Morgan Securities LLC, Jefferies LLC, Credit Suisse Securities (USA) LLC, Golub Capital and Goldman Sachs Bank USA are the leads on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source said.

The company is also getting a $197 million privately placed second-lien term loan that is being led by Ares.

Proceeds will be used to help fund the buyout of the company by Temasek. Thoma Bravo will retain a minority position in the company.

Due to the term loan upsizing, the amount of equity being used for the transaction is being reduced, the source added.

Global Healthcare Exchange is a Louisville, Colo.-based provider of cloud-based health care supply chain management technology and services.

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