HealthPort readies launch of $390 million credit facility for Monday

By Sara Rosenberg

New York, Sept. 13 - HealthPort (CT Technologies Intermediate Holdings Inc.) will hold a bank meeting at 3 p.m. ET in New York on Monday to launch a $390 million credit facility, according to a market source.

The facility consists of a $25 million five-year revolver, a $250 million six-year first-lien term loan (B+) and a $115 million seven-year second-lien term loan (CCC+), the source said.

Price talk on the first-lien term loan is Libor plus 425 basis points with a 1.25% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 825 bps with a 1.25% Libor floor and a discount of 981/2, the source continued.

The first-lien term loan has 101 soft call protection for one year and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Covenants include a maximum total net leverage ratio, the source added.

Credit Suisse Securities (USA) LLC, Ares Capital and GE Capital Markets are leading the first-lien debt, and Credit Suisse is the sole lead on the second-lien loan.

Proceeds will be used to refinance existing debt and fund a dividend.

HealthPort is an Alpharetta, Ga.-based provider of release of information services for the health care industry.

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