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MDVIP revises first- and second-lien term loan sizes, trims pricing
By Sara Rosenberg
New York, Sept. 29 – MDVIP upsized its seven-year first-lien term loan (B2/B) to $530 million from $500 million and downsized its eight-year second-lien term loan (Caa2/CCC+) to $170 million from $185 million, according to a market source.
Additionally, pricing on the first-lien term loan was cut to Libor plus 375 basis points from Libor plus 400 bps and pricing on the second-lien term loan was lowered to Libor plus 650 bps from talk in the range of Libor plus 675 bps to 700 bps, the source said.
Also, the original issue discount on the first- and second-lien term loans was tightened to 99.5 from 99.
The first-lien term loan still has two 25 bps pricing step-downs at 5.1x and 4.6x first-lien net leverage, a 0.5% Libor floor, 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan still has a 0.5% Libor floor and hard call protection of 102 in year one and 101 in year two.
Goldman Sachs Bank USA, Jefferies LLC, Societe Generale, KeyBank Capital Markets, KKR Capital Markets, Citizens Bank and Stone Point are the lead arrangers on the deal, with Goldman the left lead on the first-lien and Jefferies the left lead on the second-lien.
Recommitments were scheduled to be due at noon ET on Wednesday, the source added.
Proceeds will be used to help fund the buyout of the company by Goldman Sachs Asset Management and Charlesbank Capital Partners from Leonard Green & Partners and Summit Partners.
Closing is expected in the fourth quarter, subject to customary regulatory approvals.
MDVIP is a Boca Raton, Fla.-based provider of membership-based private health care services.
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