One Call Care reveals talk on $1.25 billion in term loans with launch

By Sara Rosenberg

New York, Nov. 12 - One Call Care Management came out with price talk on its $825 million seven-year covenant-light first-lien term loan and $420 million eight-year covenant-light second-lien term loan that launched with a bank meeting on Tuesday, according to a market source.

The first-lien term loan is talked at Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien loan is 101 soft call protection for six months, and the second-lien loan has 101 hard call protection until April 30, 2014, then 103 until the first anniversary of closing, 102 for a year and 101 for the following year.

Commitments are due on Nov. 20, the source added.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., RBC Capital Markets, Morgan Stanley Senior Funding Inc. and Guggenheim are the lead banks on the $1,245,000,000 deal.

Proceeds will be used to fund the buyout of the company by Apax Partners from Odyssey Investment Partners.

Closing is expected this quarter.

One Call is a Parsippany, N.J.-based provider of specialized cost containment services to the workers' compensation industry.

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