One Call Care ups first-lien term loan pricing to Libor plus 400 bps

By Sara Rosenberg

New York, Nov. 20 - One Call Care Management raised pricing on its $825 million seven-year covenant-light first-lien term loan to Libor plus 400 basis points from talk of Libor plus 350 bps to 375 bps, according to market sources.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company is also getting a $420 million eight-year covenant-light second-lien term loan that is still talked at Libor plus 775 bps to 800 bps with a 1% Libor floor, a discount of 99 and 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 were due at 5 p.m. ET on Wednesday.

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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