MultiPlan to sell $775 million seven-year secured notes on Tuesday; initial talk mid-5% area

By Paul A. Harris

Portland, Ore., Aug. 16 – MultiPlan Corp. plans to price a $775 million offering of seven-year senior secured notes (existing ratings Ba3/B+) on Tuesday, according to market sources.

The deal, which was set to kick off on a Monday conference call with investors, comes with initial guidance in the mid-5% area, a bond trader said.

Goldman Sachs & Co. LLC is the left bookrunner. Barclays, Citigroup Global Markets Inc., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and UBS Securities LLC are the joint bookrunners.

The Rule 144A for life notes become callable after three years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The issuing entity will be MPH Acquisition Holdings LLC, a wholly owned subsidiary of MultiPlan.

The New York-based provider of health care cost management solutions plans to use the proceeds plus borrowings under its new senior secured term loan to pay off its existing senior secured term loan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.