Medical Card Systems prices $175 million five-year term loan

By Paul A. Harris

St. Louis, Sept. 10 - Puerto Rico managed care provider Medical Card Systems priced a $175 million five-year term loan with a 1,000 basis points Libor spread, a 2% Libor floor and an original issue discount of 97, according to a market source.

Price talk called for a spread of Libor plus 900 bps to 1,000 bps. The discount came cheap to price talk of 98.

The deal features a soft call at 102 in year one, declining to 101 in year two.

Jefferies & Co. and Deutsche Bank managed the syndication.

Proceeds will be used to fund a dividend to the company's owners and for general corporate purposes.

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