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MedRisk readies launch of $227.5 million credit facility for Monday
By Sara Rosenberg
New York, Feb. 3 – MedRisk LLC is scheduled to hold a bank meeting at 2 p.m. ET in New York on Monday to launch a $227.5 million senior credit facility, according to a market source.
Antares Capital is the lead arranger and administrative agent on the deal. Annaly Capital Management is the syndication agent.
The facility consists of a $25 million five-year revolver and a $202.5 million seven-year term loan, the source said.
Proceeds will be used to support a significant minority investment by TA Associates in the company. The current management team, led by founder and chief executive officer Shelley Boyce, along with president Mike Ryan, will retain a majority stake and continue to operate the business.
Other funds for the transaction will come from $80 million of mezzanine financing primarily provided by TA Associates and management, the source added.
MedRisk is a King of Prussia, Pa.-based provider of outpatient physical medicine network services to the U.S. workers’ compensation industry.
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