MultiPlan launches $1.27 billion term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, Feb. 3 - MultiPlan Inc. held a call on Thursday at 1:30 p.m. ET to launch a $1.265 billion term loan that is being talked at Libor plus 325 basis points to 350 bps with a 1.5% Libor floor and is offered at par, according to a market source.

Barclays Capital Inc., Bank of America and Credit Suisse Securities LLC are the leads on the deal.

Proceeds will be used to refinance/reprice the company's existing term loan that is priced at Libor plus 475 bps with a 1.75% Libor floor and was sold at an original issue discount of 98 when it was obtained in August 2010. The loan has 101 soft call protection for one year. The initial size of the loan was $1.3 billion but some of the debt has been paid down since it closed.

MultiPlan is a New York-based provider of health care cost management services.

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