One Call ups pricing on $415 million term loan to Libor plus 575 bps

By Sara Rosenberg

New York, Aug. 15 - One Call Medical Inc. raised pricing on its $415 million seven-year covenant-light term loan to Libor plus 575 basis points from talk of Libor plus 500 bps to 525 bps, according to a market source.

Also, the original issue discount widened to 98 from 99, the source said.

The term loan still has a 1.25% Libor floor.

The company's $465 million credit facility (Ba3/B+) also includes a $50 million six-year revolver.

Recommitments are due at noon ET on Thursday.

Jefferies & Co. and GE Capital Markets are leading the deal.

Proceeds will be used to help fund the acquisition of MSC Care Management, a Jacksonville, Fla.-based provider of medical products and services to post-discharge and post-injury workers' compensation claimants.

Other funds for the acquisition will come from $210 million of unsecured debt that is being provided by GSO Capital Partners and equity.

Leverage is 4 times through the bank deal and 6.1 times through the unsecured debt.

One Call Medical is a Parsippany, N.J.-based provider of specialty services to insurance payers.

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