WellSky raises term loan to $640 million, firms at SOFR plus 350 bps

By Sara Rosenberg

New York, Jan. 24 – WellSky (Project Ruby Ultimate Parent Corp.) upsized its incremental first-lien term loan B due March 10, 2028 to $640 million from $405 million and set pricing at SOFR plus 350 basis points, the low end of the SOFR plus 350 bps to 375 bps talk, according to a market source.

As before, the term loan has a 0% floor, an original issue discount of 99.5, 101 soft call protection for six months and no CSA.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BMO Capital Markets, RBC Capital Markets, TPG and Nomura are the lead arrangers on the deal.

Commitments continue to be due at noon ET on Thursday, the source added.

Proceeds will be used to refinance the company’s existing term loan due 2028 that is priced at SOFR plus 575 bps, and the funds from the upsizing will be used to repay the company’s existing term loan B due 2028 that is priced at SOFR plus 475 bps and to pay associated fees and expenses.

WellSky is an Overland Park, Kan.-based provider of enterprise software to health care providers and human services organizations.

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