Steward Health ups loan to $285 million, flexes to Libor plus 550 bps

By Sara Rosenberg

New York, April 8 - Steward Health Care System LLC increased its seven-year term loan B (B2/B) to $285 million from $250 million, according to a market source.

Also, pricing on the B loan was reduced to Libor plus 550 basis points from the Libor plus 575 bps area, and the original issue discount was tightened to 99 from 98, the source said.

The loan still has a 1.25% Libor floor and 101 soft call protection for one year.

Recommitments are due at 3 p.m. ET on Tuesday, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance ABL borrowings, and pre-fund acquisitions and capital expenditures.

Steward Health Care is a Boston-based health care system.

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