Medforth firms $1.05 billion term loan at 99.5 OID, adds step-down

By Sara Rosenberg

New York, June 29 – Medforth finalized the original issue discount on its $1.05 billion term loan at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at Libor plus 325 basis points with a 0.5% Libor floor, but a step-down was added to Libor plus 300 bps based on total net leverage, the source said.

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

Macquarie Capital (USA) Inc., Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., TCG and Morgan Stanley Senior Funding Inc. are the leads on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund a recapitalization by the Carlyle Group.

Medforth is a New York-based educational institution, providing students medical degrees and veterinary degrees.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.