Healthport upsizes term loans to $380 million, tightens Libor spreads

By Paul A. Harris

Portland, Ore., Sept. 27 - HealthPort (CT Technologies Intermediate Holdings Inc.) upsized its term loans to $380 million from $365 million and tightened spread talk, a market source said on Friday.

The Libor spread on the upsized $255 million six-year first-lien term loan (B1/B+) was trimmed to 400 basis points from 425 bps. The first-lien loan, which was upsized from $250 million, has a 1.25% Libor floor and is coming with an original issue discount of 99.

The Libor spread on the upsized $125 million seven-year second-lien term loan (Caa1/CCC+) was decreased to 800 bps from 825 bps. The second-lien loan, which was upsized from $115 million, comes with a 1.25% Libor floor and a discount of 981/2.

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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