MedAssets launches $635 million term B at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 7 - MedAssets Inc. launched its $635 million term loan B on Monday with price talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, according to a market source.

The loan includes 101 soft call protection for one year.

Barclays Capital Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan B that was obtained in November at pricing of Libor plus 375 bps with a step-down to Libor plus 350 bps when total leverage is less than 4.5 times and a 1.5% Libor floor. Also, the term loan B has 101 soft call protection for one year and was sold at an original issue discount of 99.

Proceeds from the 2010 loan had been used to fund the acquisition of the Broadlane Group and to refinance existing bank debt.

MedAssets is an Alpharetta, Ga.-based provider of technology-enabled products and services for hospitals, health systems and ancillary health care providers.

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