Curo Health sets $433 million term loan spread at Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 10 – Curo Health Services Holdings Inc. firmed pricing on its fungible $60 million incremental first-lien term loan B due Feb. 5, 2022 and repricing of its existing $373 million term loan B due Feb. 5, 2022 at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, according to a market source.

Also, the issue price on the incremental loan was tightened to par from 99.5, the source said.

As before, the repricing is offered at par, and the term debt has a 1% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, Jefferies Finance LLC, SunTrust Robinson Humphrey Inc., Nomura, Citizens and Credit Suisse Securities (USA) LLC are the bookrunners on the deal (B2/B).

Proceeds from the incremental loan will be used to repay second-lien notes, and the repricing will take the existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Curo Health is a Mooresville, N.C.-based pure play hospice provider.

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