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Confluent Health to launch $200 million term loan on Wednesday
By Sara Rosenberg
New York, June 3 – Confluent Health LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $200 million seven-year covenant-lite first-lien term loan, according to a market source.
Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc. and Bank of Ireland are the bookrunners on the deal.
The term loan is talked with a 0% Libor floor and 101 soft call protection for six months, the source said.
Proceeds will be used to help support a significant equity investment in the company by Partners Group on behalf of its clients alongside management. The Edgewater Funds will divest its holding in the company as part of the transaction.
Confluent Health is a Louisville, Ky.-based outpatient physical therapy provider.
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