EyeSouth Partners revises first-lien term loan debt discount to 99.75

By Sara Rosenberg

New York, March 12 – EyeSouth Partners (SCP Eye Care Services LLC) tightened the original issue discount on its $375 million seven-year senior secured first-lien term loan and $65 million 18-month commitment period delayed-draw first-lien term loan to 99.75 from 99.5, according to a market source.

Pricing on the term loan debt remained at Libor plus 450 basis points, but a 25 bps step-down was added at 5x first-lien gross leverage, the source said.

As before, the term loan debt has a 0.75% Libor floor and 101 soft call protection for six months.

The funded and delayed-draw term loans are being sold as a strip.

The delayed-draw ticking fee is half the margin from days 46 to 90 and the full margin thereafter.

The company’s $455 million of credit facilities also provide for a $15 million five-year revolver.

Jefferies LLC is the arranger on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Friday, the source added.

Proceeds will be used to refinance existing debt and finance near-term acquisitions.

EyeSouth is an Atlanta-based provider of practice management services to a network of affiliated ophthalmology practices, specializing in essential treatments for eye health conditions.

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