One Call lifts spread on $700 million term B to Libor plus 550 bps

By Sara Rosenberg

New York, April 7 – One Call Corp. increased pricing on its $700 million first-lien term loan B (B1/B-) to Libor plus 550 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.

In addition, the original issue discount on the first-lien term loan was changed to 98 from 99 and the call protection was revised to a 101 hard call for two years from a 101 soft call for six months, the source said.

The term loan still has a 0.75% Libor floor.

JPMorgan Chase Bank, Wells Fargo Securities LLC, Jefferies LLC, CIT, KKR Capital Markets and Blackstone are the leads on the deal.

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

Proceeds will be used with a $450 million privately placed second-lien financing to refinance existing debt.

One Call is a Jacksonville, Fla.-based health care network management company and provider of specialized solutions to the workers’ compensation industry.

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