FastMed Urgent Care revises loan terms; handful of deals join week’s new issue calendar

By Sara Rosenberg

New York, Feb. 11 – FastMed Urgent Care (Urgent Care Holdings of America LLC) on Monday widened the spread and original issue discount on its first-lien term loan, while also extending the call protection, and increased pricing on its second-lien term loan.

In addition, Millennium Trust Co. (Minotaur Acquisition Inc.), Orchid Orthopedic Solutions and Avison Young Inc. surfaced with new deal plans.

FastMed changes emerge

FastMed Urgent Care lifted pricing on its $400 million first-lien term loan (B2/B-) to Libor plus 550 basis points from talk in the range of Libor plus 450 bps to 475 bps, modified original issue discount talk to a range of 96 to 97 from a range of 98 to 99, extended the 101 soft call protection to one year from six months and shortened the maturity to six years from seven years, according to a market source.

Furthermore, the company increased pricing on its $125 million second-lien term loan (Caa2/CCC) to Libor plus 950 bps from talk in the range of Libor plus 850 bps to 875 bps, shortened the maturity to 6.5 years from eight years and is not disclosing the original issue discount as the debt is being privately placed, the source said. At launch, the discount on the loan was talked in the range of 97 to 98.

Also, significant lender friendly documentation changes were made to the credit agreement.

Both term loans still have a 0% Libor floor.

Final commitments are due at 5 p.m. ET on Wednesday, the source added.

FastMed lead banks

Barclays, Societe Generale and Antares Capital are leading FastMed’s $525 million of term loans.

The new debt will be used to fund the acquisition of NextCare Holdings Inc.

Closing is subject to regulatory approvals and other customary conditions.

Abry Partners LLC and BlueMountain Capital Management LLC are FastMed’s lead investors.

FastMed is a provider of acute/episodic and preventive health care services. NextCare is provider of urgent care and occupational medical services.

Millennium on deck

Millennium Trust scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch $700 million of credit facilities (B2/B), a market source remarked.

The facilities consist of a $90 million revolver and a $610 million seven-year covenant-light first-lien term loan that has a 0% Libor floor and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Feb. 26.

The company is also getting a $245 million privately placed second-lien term loan (Caa2/CCC).

Credit Suisse Securities (USA) LLC, Antares Capital, BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc. and Deutsche Bank Securities Inc. are leading the deal, which will be used to help fund the buyout of the company by Abry Partners.

Parthenon Capital Partners will retain a minority stake in the company.

Closing is subject to customary conditions and regulatory approvals.

Millennium Trust is an Oak Brook, Ill.-based provider of technology-enabled retirement services and institutional custody solutions.

Orchid joins calendar

Orchid Orthopedic Solutions will hold a bank meeting at 10 a.m. ET on Tuesday to launch $585 million of first-lien credit facilities split between a $100 million revolver and a $485 million seven-year first-lien term loan, a market source said.

The first-lien term loan has 101 soft call protection for six months.

The company is also getting a $160 million eight-year privately placed second-lien term loan, the source added.

Jefferies LLC, Credit Suisse Securities and Citigroup Global Markets Inc. are leading the deal that will be used to help fund the buyout of the company by Nordic Capital Partners from Altor Fund III, who will retain a significant minority holding in Orchid Orthopedic.

Closing is subject to customary regulatory approvals.

Orchid Orthopedic is a Holt, Mich.-based designer and manufacturer of medical devices.

Avison readies deal

Avison Young is set to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch $385 million of credit facilities (B2/B), according to a market source.

The facilities consist of a $60 million revolver, and a $325 million seven-year covenant-light first-lien term loan that has a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Feb. 26.

Credit Suisse Securities, CIBC and Bank of America Merrill Lynch are leading the deal that will be used to help fund the recently completed acquisition of GVA, a U.K.-based real estate advisory business.

Avison Young is a Toronto-based commercial real estate services firm.

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