MultiPlan downsizes notes offer to $1.1 billion, shifts $200 million proceeds to term loan

By Paul A. Harris

Portland, Ore., May 24 – MultiPlan Inc. downsized its offering of eight-year senior notes (Caa1/B-) to $1.1 billion from $1.3 billion, shifting $200 million of proceeds to its concurrent term loan, a syndicate source said on Tuesday.

The shift of proceeds increases the size of the loan to $3.47 billion from $3.27 billion.

The notes offering began an investor roadshow on Monday. That roadshow wraps up on Wednesday, and the Rule 144A and Regulation S deal is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner. Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc. and UBS Investment Bank are the joint bookrunners.

The notes come with three years of call protection.

Proceeds, together with the new credit facilities and equity, will be used to fund the buyout of the New York-based provider of health care cost management solutions by Hellman & Friedman from Starr Investment Holdings LLC and Partners Group.

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