Cano Health launches $644 million term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, Jan. 5 – Cano Health LLC was scheduled to hold a lender call at 2:30 p.m. ET on Wednesday to launch a $644 million covenant-lite first-lien term loan due November 2027 (B2/B) that is talked at SOFR+CSA plus 400 basis points with a 25 bps step-down at B2/B stable ratings, a 0.5% SOFR+CSA floor and a par issue price, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source said.

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

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Commitments are due at 10 a.m. ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan from Libor plus 450 bps with a 25 bps step-down at B2/B stable ratings and a 0.75% Libor floor.

Cano Health is a Miami-based tech-powered, value-based care delivery platform.

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