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MyEyeDr. updates first- and second-lien term loan pricing
By Sara Rosenberg
New York, Aug. 1 – MyEyeDr. (MED ParentCo. LP) set pricing on its $845 million seven-year first-lien term loan and $211 million seven-year delayed-draw for 24 months first-lien term loan at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.
Also, pricing on the $360 million eight-year second-lien term loan firmed at Libor plus 825 bps, the wide end of the Libor plus 800 bps to 825 bps talk, the source said.
In addition, a planned $90 million eight-year delayed-draw for 24 months second-lien term loan was eliminated from the capital structure.
As before, the first-lien term loan has a 0% Libor floor and an original issue discount of 99, and the second-lien term loan has a 0% Libor floor and a discount of 98.5.
The company’s $1,541,000,000 of senior secured credit facilities also include a $125 million five-year revolver.
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.
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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