Navicure/Zirmed sets first-, second-lien term loan talk with launch

By Sara Rosenberg

New York, Oct. 3 – Navicure Inc./Zirmed Inc. released price talk on its $435 million seven-year covenant-light first-lien term loan (B) and $185 million eight-year second-lien term loan (CCC) with its bank meeting on Tuesday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $670 million of credit facilities also provide for a $50 million five-year revolver (B).

Antares Capital is the lead on the deal.

Commitments are due on Oct. 17, the source added.

Proceeds will be used to help fund the combination of Navicure, an existing Bain portfolio company, with Zirmed.

Atlanta-based Navicure and Louisville, Ky.-based Zirmed are providers of integrated cloud-based medical claims management and patient payment solutions.

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