MultiPlan postpones $2.47 billion term B; to sell notes only

Chicago, Oct. 26 – MultiPlan Inc. (MPH Acquisition Holdings LLC) announced that the term loan B it launched on Oct. 19 is being postponed after encountering resistance in the market, according to a market source.

The company is coming to market with an upsized offering of $1.3 billion of eight-year senior notes, with books expected to close Monday after the market close.

The loan was launched 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 and previously reported.

The term loan was expected to have 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 were the bookrunners on the deal. Barclays was the administrative agent.

Commitments were due at noon ET on Oct. 26.

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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