Navicure/Zirmed updates first- and second-lien term loan pricing

By Sara Rosenberg

New York, Oct. 23 – Navicure Inc./Zirmed Inc. firmed pricing on its $435 million seven-year covenant-light first-lien term loan (B2/B) at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and reduced pricing on its $185 million eight-year second-lien term loan (Caa2/CCC) to Libor plus 750 bps from talk in the range of Libor plus 775 bps to 800 bps, according to a market source.

Also, the MFN sunset period was removed, the source said.

As before, the first-lien term loan has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan has a 1% Libor floor, a discount of 99 and 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 (B2/B).

Antares Capital is the lead on the deal.

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

Closing is expected on Nov. 1, the source added.

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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