Gastro Health revises $400 million of first-lien loans OID to 99.5

By Sara Rosenberg

New York, July 1 – Gastro Health changed the original issue discount on its $300 million first-lien term loan (B2/B-) and $100 million delayed-draw first-lien term loan (B2/B-) to 99.5 from 99, according to a market source.

Pricing on the first-lien term loan debt remained at Libor plus 450 basis points with a 0.75% Libor floor.

The first-lien term loan has 101 soft call protection for six months.

The company’s $550 million of credit facilities also include a $60 million revolver (B2/B-) and a $90 million privately placed second-lien term loan (Caa2/CCC).

BMO Capital Markets and Antares Capital are the leads on the deal.

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

Closing is expected this quarter, subject to certain conditions, including regulatory approvals.

Gastro Health is a Miami-based platform supporting medical groups specializing in the treatment of gastrointestinal disorders, nutrition and digestive health.

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