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MyEyeDr. sets first-, second-lien term loan price talk with launch
By Sara Rosenberg
New York, July 18 – MyEyeDr. (MED ParentCo. LP) released price talk on its first- and second-lien term loans in connection with its bank meeting on Thursday, according to a market source.
The $845 million seven-year first-lien term loan and $211 million seven-year delayed-draw for 24 months first-lien term loan (B2/B) are talked at Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, and the $360 million eight-year second-lien term loan (Caa2/CCC+) and $90 million eight-year delayed-draw for 24 months second-lien term loan (Caa2/CCC+) are talked at Libor plus 800 bps to 825 bps with a 0% Libor floor and a discount of 98.5, the source said.
Delayed-draw term loan ticking fees are half the margin from days 61 to 120 and the full margin thereafter.
The first-lien term loan has 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 $1,631,000,000 of senior secured credit facilities also include a $125 million five-year revolver (B2/B).
Jefferies LLC, Credit Suisse Securities (USA) LLC, Nomura, Golub Capital, KKR Capital Markets and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.
Commitments are due at 2 p.m. ET on July 31, the source added.
Proceeds will be used to help fund the buyout of the company by Goldman Sachs Merchant Banking Division from Altas Partners and Caisse de depot et placement du Quebec.
Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.
MyEyeDr. is an optometry platform. The company is affiliated with Capital Vision Services LP, which provides management services to MyEyeDr. optometrists and its practices with financial, marketing, human resources and account services, along with managed care credentialing and claims processing.
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