MultiPlan launches $2.47 billion term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, Oct. 19 – MultiPlan Inc. (MPH Acquisition Holdings LLC) launched on Monday its $2.47 billion seven-year senior secured term loan B with price talk of Libor plus 325 basis points to 350 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and UBS Investment Bank are the bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at noon ET on Oct. 26.

Proceeds will be used to help refinance an existing $2.71 billion term loan G due 2023 and $1.56 billion of senior notes due 2024 and to pay call premium costs and transaction-related fees and expenses.

Cashless roll is available.

Earlier this month, MultiPlan completed its business combination with Churchill Capital Corp III, a public investment vehicle.

MultiPlan is a New York-based provider of health care cost management solutions.

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