Waystar readies launch of $825 million term loan for Wednesday

By Sara Rosenberg

New York, Sept. 3 – Waystar is set to hold a bank meeting at 11 a.m. ET on Wednesday to launch an $825 million seven-year first-lien term loan, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5, the source said.

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

Commitments are due on Sept. 18, the source added.

Proceeds will be used to help fund the acquisition of a majority stake in the company by EQT VIII Fund and Canada Pension Plan Investment Board from Bain Capital Private Equity in a transaction that values Waystar at $2.7 billion. Bain Capital will retain a minority stake in the company.

Closing is expected this year, subject to customary conditions and approvals.

Waystar, which was formed in 2017 through the combination of Navicure and ZirMed, is a provider of revenue cycle technology.

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