Duly Health to launch $40 million incremental term loan on Tuesday

By Sara Rosenberg

New York, Nov. 15 – Duly Health & Care (Midwest Physician Administrative Services LLC) is set to hold a lender call at noon ET on Tuesday to launch a fungible $40 million incremental covenant-lite first-lien term loan due March 2028, according to a market source.

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

Pricing on the incremental term loan is Libor plus 325 basis points with a 0.75% Libor floor, in line with existing term loan pricing.

Original issue discount talk on the incremental term loan is not yet available, the source said.

Expected term loan ratings are B2/B.

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

Proceeds will be used to fund tuck-in acquisitions.

Duly Health, formerly known as DuPage Medical Group, is a Downers Grove, Ill.-based multi-specialty physician group.

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