MyEyeDr. shifts funds between term loans, tightens pricing

By Sara Rosenberg

New York, Jan. 31 – MyEyeDr. upsized its seven-year first-lien term loan to $465 million from $440 million and downsized its eight-year second-lien term loan to $135 million from $160 million, according to a market source.

Also, pricing on the first-lien term loan was lowered to Libor plus 300 basis points from Libor plus 325 bps and a step-down was added to Libor plus 275 bps at 4.25 times gross first-lien leverage, and pricing on the second-lien term loan was trimmed to Libor plus 675 bps from Libor plus 725 bps, the source said.

Furthermore, the original issue discount on the first-lien term loan was changed to 99.75 from 99.5 and the discount on the second-lien term loan was tightened to 99.5 from 99.

As before, the first-lien term loan has a 1% Libor floor and 101 soft call protection for six months, and the second-lien term loan has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

The company’s $675 million of credit facilities also include a $75 million revolver.

Goldman Sachs Bank USA, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Barclays, Jefferies LLC and Golub Capital are the leads on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source added.

Allocations are expected on Thursday.

Proceeds will be used to refinance existing debt.

MyEyeDr. is the business name for Capital Vision Services LLC, a Vienna, Va. eye-care management company providing MyEyeDr. optometrists with financial, marketing, human resources and accounting services along with managed care credentialing and claims processing.

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