American Medical flexes $280 million term B to Libor plus 625 bps

By Sara Rosenberg

New York, March 25 – American Medical Technologies increased pricing on its $280 million six-year covenant-lite term loan B to Libor plus 625 basis points from talk in the range of Libor plus 550 bps to 575 bps, according to a market source.

Furthermore, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

As before, the term loan has a 0.75% Libor floor and an original issue discount of 98.

The company’s $320 million of credit facilities (B1/B-) also include a $40 million revolver.

Truist and Regions Bank are the leads on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to fund the acquisition of RestorixHealth, a White Plains, N.Y.-based wound care management company.

Closing is expected in the second quarter, subject to customary conditions and receipt of required regulatory approvals.

American Medical, a portfolio company of One Equity Partners and the Silverfern Group, is an Irvine, Calif.-based provider of wound care, ostomy, urology and tracheostomy supplies and services to long-term and post-acute care facilities.

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