Zelis launches $1.98 billion term loan B at SOFR plus 300-325 bps

By Sara Rosenberg

New York, Jan. 4 – Zelis Payments Buyer Inc. held a lender call at 11 a.m. ET on Thursday to launch a $1,977,981,495 senior secured covenant-lite first-lien term loan B (B1/B+) due September 2029 that is talked at SOFR plus 300 basis points to 325 bps with a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the left lead bookrunner on the deal and the agent.

Commitments are due at 5 p.m. ET on Jan. 11, the source added.

Proceeds will be used to refinance/extend an existing term loan B due September 2026.

Zelis is a Boston-based healthcare technology company, providing a connected platform that bridges the gaps and aligns interests across payers, providers and healthcare consumers.

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