MultiPlan ups revolver to $450 million, adds leverage ratio covenant

By Taylor Fox

New York, Oct. 30 – MultiPlan Corp.’s indirect wholly owned subsidiary MPH Acquisition Holdings LLC entered into an incremental revolving credit commitment increase agreement, according to an 8-K filing with the Securities and Exchange Commission.

Among other changes, the amendment increases the commitments under MultiPlan’s senior secured revolving credit facility to $450 million from $100 million.

As amended, the facility will require MultiPlan to maintain a maximum first-lien secured leverage ratio of 6.75 to 1 if, as of the last day of any fiscal quarter, the aggregate amount of loans under the facility, letters of credit issued under the facility (to the extent not cash collateralized or backstopped or in excess of $10 million) and swingline loans are outstanding and/or issued in an amount greater than 35% of the total commitments of the facility.

Barclays Bank plc is the administrative agent.

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

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