Women’s Care sets $360 million first-lien loan at Libor plus 450 bps

By Sara Rosenberg

New York, Jan. 14 – Women’s Care Holdings Inc. LLC firmed pricing on its $360 million seven-year covenant-lite first-lien term loan (B-) at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

Also, a couple of minor lender friendly revisions were made to the credit agreement, the source said.

The first-lien term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Pricing on the $120 million eight-year covenant-lite second-lien term loan (CCC) remained at Libor plus 825 bps with a 0.75% Libor floor and a discount of 98.

The second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $550 million of credit facilities also include a $70 million five-year revolver (B-).

Jefferies LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, Macquarie Capital (USA) Inc. and Nomura are the bookrunners on the deal, with Jefferies the left lead on the first-lien debt and Credit Suisse the left lead on the second-lien debt.

Commitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of the company by BC Partners.

Women’s Care is a women’s health platform dedicated to providing the highest quality obstetrics, gynecology and fertility care for its patients.

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