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Aveta launches $300 million term loan at Libor plus 575-600 bps
By Sara Rosenberg
New York, March 18 - Aveta Inc. launched its $300 million five-year term loan B on Thursday morning with official price talk of Libor plus 575 basis points to 600 bps, according to a market source.
Prior to launch, price talk on the term loan B was circulating at Libor plus 600 bps.
As was previously reported, the term loan has a 2% Libor floor, is being offered at an original issue discount of 97, and carries call protection of 102 in year one and 101 in year two.
The $360 million credit facility also includes a $60 million five-year revolver.
Bank of America, Citigroup and Jefferies are the lead banks on the deal, with Bank of America the left lead.
Proceeds will be used to refinance existing debt and to fund a dividend payment to shareholders.
Expected corporate ratings are B2/B.
Aveta is a Fort Lee, N.J.-based medical management company caring for 232,000 Medicare beneficiaries and about 300,000 commercial members in Puerto Rico, California, Arizona and Illinois.
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