Aveanna sets $1.06 billion of term loans at Libor plus 375 bps

By Sara Rosenberg

New York, June 30 – Aveanna Healthcare LLC firmed pricing on its $860 million seven-year term loan B and $200 million delayed-draw term loan B at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Furthermore, the original issue discount on the term loan debt was tightened to 99.5 from 99, the source said.

The term loan debt still has a 0.5% Libor floor, 101 soft call protection for six months, and 75 bps MFN for 12 months, with customary carve outs.

Delayed-draw term loan ticking fees are half the margin from days 46 to 90 and the full margin thereafter, the delayed-draw loan has a 24-month availability period, and the original issue discount on the delayed-draw term loan is payable at funding.

Barclays is the left bookrunner on the $1.06 billion of senior secured term loans (B2/B-) and the administrative agent.

Recommitments were scheduled to be due at 2 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance the company’s existing capital structure.

Aveanna Healthcare is an Atlanta-based home health care company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.