Sheridan Holdings launches $672 million first-lien term loan due 2018

By Sara Rosenberg

New York, Feb. 4 - Sheridan Holdings Inc. held a call at 3 p.m. ET on Monday to launch a $672 million first-lien covenant-light term loan due June 2018, according to a market source.

Credit Suisse Securities (USA) LLC and Barclays are the joint lead arrangers on the deal.

The term loan is talked at Libor plus 350 basis points with a 1% Libor floor, the source said.

Included in the loan is 101 repricing protection for six months.

Proceeds will be used to reprice a $597 million term loan from Libor plus 475 bps with a 1.25% Libor floor and add $75 million to the balance sheet.

The repricing is being offered at par, and the incremental debt is being offered at an original issue discount of 991/2, the source remarked.

Existing lenders are getting paid out at 101 with the repricing.

Commitments are due on Friday, the source continued.

Sheridan Holdings is a Sunrise, Fla.-based provider of outsourced health care services.

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