By Paul A. Harris
Portland, Ore., Aug. 17 – MultiPlan Corp. priced an upsized $1.05 billion issue of seven-year senior secured notes (Ba3/B+) at par to yield 5½% on Tuesday, according to market sources.
The issue size increased from $775 million.
The yield printed in the middle of yield talk in the 5½% area and in line with initial guidance in the mid-5% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Barclays, Citigroup Global Markets Inc., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and UBS Securities LLC.
The notes are being issued via MPH Acquisition Holdings LLC.
With the $275 million upsizing of the notes issue the concurrent term loan was downsized to $1.325 billion from $1.6 billion.
The New York-based provider of health care cost management solutions plans to use the proceeds from the new notes and loan to pay off its existing senior secured term loan.
| Issuer: | MPH Acquisition Holdings LLC
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| Amount: | $1.05 billion, increased from $775 million
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| Maturity: | Sept. 1, 2028
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| Securities: | Senior secured notes
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and UBS Securities LLC
|
| Coupon: | 5½%
|
| Price: | Par
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| Yield: | 5½%
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| Call protection: | Three years
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| Special call: | 10% of notes callable annually at 103 during non-call period
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| Trade date: | Aug. 17
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| Settlement date: | Aug. 24
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| Ratings: | Moody's: Ba3
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% area
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| Marketing: | Roadshow
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