CityMD ups spread on $900 million term loan to Libor plus 450 bps

By Sara Rosenberg

New York, Aug. 7 – CityMD (WP CityMD Bidco LLC) increased pricing on its $900 million seven-year covenant-lite first-lien term loan to Libor plus 450 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

Also, the Libor floor on the term loan was revised to 1% from 0%, the original issue discount was changed to 99 from 99.5 and the 101 soft call protection was extended to one year from six months, the source said.

The company’s $1.05 billion of credit facilities (B2/B-) also include a $150 million revolver.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, BofA Securities Inc., Jefferies LLC, KeyBanc Capital Markets, ING, SunTrust Robinson Humphrey Inc., Regions Bank and Houlihan Lokey are the lead arrangers on the deal.

Proceeds will be used to fund the acquisition of Summit Medical Group, a multispecialty medical group, and to refinance existing debt.

CityMD is an urgent care provider.

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