New Issue: MultiPlan prices $460 million tap of 7 1/8% notes due 2024 at 103.5 to yield 6.529%

By Paul A. Harris

Portland, Ore., Nov. 15 – MultiPlan Inc. priced a $460 million add-on to the MPH Acquisition Holding LLC 7 1/8% senior notes due June 1, 2024 (Caa1/B+) at 103.5 to yield 6.529% on Tuesday, according to a syndicate source.

The reoffer price came at the rich end of the 103 to 103.5 price talk.

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

The New York-based provider of health care cost management solutions plans to use the proceeds to make a $455 million distribution to equity holders and for general corporate purposes.

Issuers:	MultiPlan Inc., MultiPlan Acquisition Holding LLC
Face amount:	$460 million
Proceeds:	$476.1 million
Maturity:	June 1, 2024
Security description:	Add-on to 7 1/8% senior notes due June 1, 2024
Left bookrunner:	Goldman Sachs & Co.
Joint bookrunners:	Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC
Coupon:	7 1/8%
Price:	103.5
Yield to maturity:	6.529%
Spread:	428 bps
First call:	Callable after June 1, 2019 at 105.344
Trade date:	Nov. 15
Settlement date:	Nov. 18
Ratings:	Moody's: Caa1
	S&P: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	103 to 103.5
Marketing:	Investor call
Original issue:	$1.1 billion priced at par on May 25, 2016
Total issue size:	$1.56 billion

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